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US Market Wrap 29 August 2018

Posted by Billy Macris on 29-Aug-2018 10:49:20

Stocks continued their rise on Tuesday closing at record highs for the third consecutive day as all major US indexes finished in positive territory despite giving up earlier gains.  Records were set when the S&P 500 briefly hit 2,900 before closing at 2,897.52 and the NASDAQ closed above 8,000 closing at 8,030.04. President Trump also jumped on the news tweeting the milestone:

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In equity markets, we saw some big moves from the companies reporting as Best Buy Inc. shares sank 5.0% after the electronics retailer reported a drop in online sales growth and provided underwhelming third-quarter profit guidance. Tiffany & Co reported better than expected second quarter results and raised its full-year profit forecast and as such the luxury retailer’s stock closed up 1.0 percent. Footwear retailer DSW rose more than 20 percent after reporting better than expected results.

Standing out from the rest, Qualcomm Inc shares were higher by 3.62% after the company said it will buy back 76.2 million shares in a $5.1-billion tender offer. The semiconductor company announced the buyback plan last month, after it said it was abandoning a $44-billion takeover of NXP Semiconductors.

In currency markets, the dollar slid to a near four week low as investors increased their appetite for higher-risk assets. By afternoon trading the dollar index was down 0.1 percent at 94.717. Against the Canadian dollar the greenback fell 0.2 percent to $1.2930 whilst against the yen traded 0.1 percent higher at 111.23 yen.

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Chart of the Day: Qualcomm Inc (QCOM) Daily Chart

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Topics: +U.S. Market Wrap