Published: Sat, October 07, 2017
Markets | By Noel Gibbs

Stocks extend record highs; six in a row for the S&P

Stocks extend record highs; six in a row for the S&P

New orders for goods made in the United States rose in August and orders for core capital goods were stronger than previously reported.

All those moves higher actually have some professional investors a bit nervous, because even the healthiest markets tend to have some sharp sell-offs from time to time.

The latest records followed another round of benign USA data that showed the U.S. trade deficit shrank in August on record-high exports and fewer jobless claims last week than expected.

Analysts expect earnings of S&P 500 companies rose 5.3 percent in the quarter from a year earlier, according to Thomson Reuters data.

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Large banks were big winners, with JPMorgan Chase, Bank of America and Goldman Sachs all winning one percent or more. The small-cap Russell 2000 rose 0.3 percent. Shares rose $9.94, or 5.4 percent, to $194.39.

Friday brings the US monthly jobs report, while investors are also anxious to see third-quarter corporate earnings reports.

Bank stocks enjoyed a boost from higher U.S. Treasury yields, with the yield on the benchmark 10-year note settled 2 bps higher at 2.35%.

The S&P's two most influential sectors, techs (+1.1%) and financials (+1%), set the pace, but gains were broad as nine of the 11 industry groups finished in the green.

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World share prices were little changed on Thursday, with trading in Asia becalmed by public holidays in Shanghai, Hong Kong and South Korea. The NASDAQ closed the day at 6,585.36 with a gain of 0.78%.

In the commodities markets, benchmark USA crude rose 81 cents, or 1.6 percent, to settle at $50.79 per barrel.

CURRENCIES: The dollar slipped to 112.62 yen from its 112.75 yen level late Wednesday. Brent crude, the standard for worldwide oil prices, gained 40 cents to $56.20 per barrel. The euro climbed to $1.1763 from $1.1760 and the British pound fell to $1.3191 from $1.3245.

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