How major US stock market indexes fared on Tuesday

Javier Howell
May 10, 2017

It was the third straight day that the Nasdaq notched an all-time high, but the index has risen only a marginal amount each of those days.

The Dow Jones industrial average fell 36.50 points, or 0.2 percent, to 20,975.78.

In markets overseas, the French CAC 40 fell 0.9 percent. In Germany, the DAX slipped 0.2 percent. The Russell 2000 index fell 6 points, or 0.5 percent, to 1,390. South Korean markets were closed as votes headed to the polls to vote for president.

But US stocks stayed within a tight range on the whole as investors digested centrist Emmanuel Macron's election victory in France on Sunday, which was expected. The hotel operator cited improving trends around the world.

Tyson Foods was the biggest S&P loser, down 6.08 percent after the meat processor reported a slump in quarterly profit. The yield on the 10-year Treasury rose to 2.38 percent from 2.35 percent late Friday.

Suggesting U.S. stocks remain expensive, the S&P 500 is trading at 17.8 times expected earnings, compared with its 10-year average of 14.2, according to Thomson Reuters Datastream.

Wall Street closed mostly lower Tuesday, but the Nasdaq reached another record close. Utilities lost 0.6 percent and real-estate stocks lost 1.1 0.5 percent.

Materials shares in the S&P 500 fell 0.9% amid a further slide in prices for industrial metals.

Markets have been placid the last two weeks, and the biggest one-day move for the S&P 500 during that span has been 0.6%, as investors keep crossing off reasons to fear. With the US job market continuing to improve, along with economies around the world, Orlando says he expects profits to keep rising through the year. This past weekend's presidential election in France also raised confidence that voters may be turning their back on a nationalistic brand of politics that could hurt global trade.

The VIX finished exactly even after closing yesterday at its lowest level since December 1993, pointing to an eerie complacency among investors.

The euro fell to $1.0869 from $1.0930. The dollar edged up to 113.09 Japanese yen from 112.61 yen. The US benchmark West Texas Intermediate fell 1 per cent to $45.96 a barrel, while Brent crude dropped 1.1 per cent to $48.79. Brent crude, the worldwide standard, fell 61 cents to $48.73 a barrel.

In the commodities market, natural gas rose 6 cents to $3.23 per 1,000 cubic feet, heating oil fell 1 cent to $1.44 per gallon and wholesale gasoline slipped 3 cents to $1.49 per gallon.

Other reports by Insurance News

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