U.S. Shares Rally, Sp500 To Hit 2,400.00 Milestone Amidst Upbeat Earnings and U.S. Tax Reform Speculation
U.S. shares rallied on Tuesday with all stock benchmark indexes, as investors’ optimism was spurred by speculation about U.S. tax reform and upbeat earnings of U.S. corporations and better-than-expected economic data.
The S&P 500 added about 0.6%, to 2,387, with 8 of the main 11 sectors trading higher. While materials and financials were leading gains, up more than 1% each, telecommunication services and utilities led losses.
Reporting earnings results on Tuesday, construction machinery maker Caterpillar Inc., DuPont and fast-food giant McDonald’s Corp. posted figures that all topped analyst forecasts.
Meanwhile, new home sales surged dramatically to an eight-month high last month as demand remains hot. According to the Commerce Department, new home sales jumped 5.8 percent to a seasonally adjusted annual rate of 621,000 units last month, the highest level since July 2016.
Buy Stop at 2390.00, Take profit 2400.00, Stop loss at 2385.00