Suspected suicide bombing in Manchester puts lid on gains
U.S. stocks advanced modestly for a fourth straight session on Tuesday, with the main indexes trading near record levels. The mood on Wall Street was somewhat subdued, however, in the wake of terrorist attack in the U.K. on Monday night.
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The S&P 500 index gained 3 points, or 0.1%, to 2,397, a few points below the record close set last week. Gains were broad-based, with 8 of the 11 main sectors trading higher.
The Dow Jones Industrial Average added 25 points, or 0.1%, to 20,923, with 25 of the 30 blue-chip companies trading in the green. Nike Inc. (NKE) and Cisco Systems, Inc. (CSCO) were leading the gains, up about 0.8%. The Nasdaq Composite advanced 14 points, or 0.2%, to 6,145.
Markets in Europe traded slightly higher on Tuesday after a cautious start following the suspected suicide bombing at an Ariana Grande concert (http://www.marketwatch.com/story/death-toll-rises-to-22-in-suspected-suicide-bombing-in-manchester-2017-05-23) in Manchester, England, on Monday night that left at least 22 people dead.
"Geopolitical trauma is disheartening and scary, but the reality is that companies continue to do business. PMI data from the eurozone at 6-month high suggests that their economy is gaining steam, all of which bodes well for global equities," said Karyn Cavanaugh, senior market strategist at Voya Financial.
Economic news: On Tuesday in the U.S., attention turned to Fed speakers, ahead of the release on Wednesday of the central bank's minutes from its May 2-3 meeting.
Minneapolis Fed President Neel Kashkari was slated to meet with reporters Tuesday morning covering the bank's conference on opportunity and inclusive growth (https://www.minneapolisfed.org/institute/conference-series/opportunity-inclusive-growth-institute-conference). At 3:15 p.m., he'll meet with reporters again in a round-table discussion on building economic well-being in Native American communities.
Philadelphia Fed President Patrick Harker is due to give a speech on the economic outlook at an event in New York at 5 p.m. Eastern.
Also on Tuesday's economic docket, May flash readings on purchasing managers indexes for services and manufacturing come out at 9:45 a.m., and new home sales for April are due at 10 a.m.
Stock movers: Shares of Agilent Technologies Inc.(A) rose 4.3% after the maker of scientific equipment late Monday raised its earnings and revenue guidance for 2017.
AutoZone, Inc.(AZO) shares slid 8% after disappointing earnings results. Rival Advance Auto Parts, Inc. (AAP) also fell 6.2%.
U.S.-listed shares of Nokia Corp.(NOK) jumped 6.3% after the Finnish company and Apple Inc.(AAPL) settled long-running intellectual property disputes. Financial details of the deal weren't disclosed, but Nokia will receive an upfront cash payment from Apple (http://www.marketwatch.com/story/nokia-apple-end-disputes-enter-patent-license-2017-05-23), with additional revenue during the term of the agreement. Apple shares were little changed premarket.
Other markets: Oil prices slipped, coming off a one-month high reached on Monday amid hopes the Organization of the Petroleum Exporting Countries will extend production cuts into next year.
Gold prices also dropped and the dollar traded unchanged. The yield on the 10-year Treasury note fell 1 basis point to 2.25%.
Asian stocks closed mixed.
(END) Dow Jones Newswires
May 23, 2017 09:47 ET (13:47 GMT)