Wall Street opens with a strong note; Earnings send indexes close to highs
InvestingOnline.com
7/08/2018, 14:34The US stocks market is trading with a firm note on Tuesday as investors are welcoming strong corporate earnings and digesting worries about a trade war.
Major indexes are trading higher with the majority of sectors posting gains, technology companies and the energy sector are the leaders.
Overall, global market is trading positive with Asian indexes posting gains on Tuesday. European markets are trading higher too as corporate earnings are also posting upbeat reports. Commerzbank fell 2% as the exception.
Back to America, the Cboe Volatility Index, the Wall Street’s fear index, is hovering near its lowest levels of 2018 at 10.99.
The Dow Jones Industrial Average is 0.43% or 109.57 points up today at 25,611.75. However, much of today’s advance is concentrated in the large-cap companies.
The NASDAQ Composite is 0.34% positive on the day as the index is adding 26.52 points to trade at 7,886.20. The Index is extending its recovery from the 7,607.30 level reached on July 30, and it is now trading at one and a half weeks highs.
The S&P 500 is trading 0.33% or 9.33% positive on the day at 2,859.73. The index is at its highest level since January 29, and only 12 points below its record high reached on January 26.
SP 500 daily chart August 7
By activity, the Real Estate and Materials sectors are performing the best so far today as the real estate is adding 1.24% on the session, while materials are 0.44% up today. Financials are 0.41% positive, and telecommunication services is 0.36% up.
Losers are Consumer staples with a 0.42% decline, and utilities with a 0.23% drop on the session.
RBA maintain interest rates unchanged
On the fundamental sphere, the Reserve Bank of Australia decided to maintain its interest rates at the record low of 1.5%, as widely expected. The RBA has kept its rate at this level for the last two years.
