S&P 500 secures record, Nasdaq notches another

US stocks shed bulk of coronavirus losses

Stocks hit record highs, giving the S&P 500 a long-awaited record not seen since February. Strong housing data and better-than-expected retail earnings served as a catalyst.

The S&P 500 climbed 0.23%, eclipsing its intraday high of 3,393.52, before surpassing its February peak and closing at 3,389.78, the 129th record close under President Trump.

Ticker Security Last Change Change %
SP500 S&P 500 4455.48 +6.50 +0.15%

Meanwhile, the Nasdaq Composite gained 0.73%, making its own record high as Tesla shares zoomed above $1,900 apiece for the first time before settling lower. The recent run in the stock has made Elon Musk the fourth wealthiest person in the world.

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Apple also rose, coming closer to the $467.77 a share needed to garner a $2 trillion market capitalization.

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 15047.699032 -4.54 -0.03%
TSLA TESLA, INC. 774.39 +20.75 +2.75%
AAPL APPLE, INC. 146.92 +0.09 +0.06%

The Dow Jones Industrial Average lagged, slipped 0.24% as two members gave back earlier gains despite solid earnings.

Home Depot Inc. reported better-than-expected top and bottom lines as U.S. comparable sales rose 25% from a year ago.

And fellow Dow member Walmart Inc. said online sales rose 97% versus last year, helping drive a 79% jump in profit.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34798 +33.18 +0.10%
HD THE HOME DEPOT, INC. 337.49 +1.58 +0.47%
WMT WALMART, INC. 143.17 +0.40 +0.28%

Looking at the economy, housing starts rose 23% to a seasonally adjusted annualized rate of 1.496 million, beating the 1.24 million that was anticipated by analysts surveyed by Refinitiv. Building permits, meanwhile, climbed 19% to 1.495 million, ahead of the 1.32 million that was expected.

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The results sent shares of homebuilders, like Toll Brothers Inc., Pulte Group and Lennar Corp. higher.

Ticker Security Last Change Change %
TOL TOLL BROTHERS, INC. 59.94 +0.05 +0.08%
PHM PULTEGROUP, INC. 47.49 +0.13 +0.27%
LEN LENNAR CORP. 99.96 +0.45 +0.45%

Meanwhile, Boeing job cuts will extend beyond its initial plan to eliminate 10% of its workforce. The company is offering workers, mostly in its commercial airplanes unit, services division and corporate operation, a second voluntary layoff opportunity.

Oracle is in talks to acquire the U.S., Canadian, Australian and New Zealand assets of the social-media app TikTok from Chinese owner ByteDance, according to CNBC, citing a person familiar with the matter.

Ticker Security Last Change Change %
BA THE BOEING CO. 221.39 +0.29 +0.13%
ORCL ORACLE CORP. 89.94 +0.52 +0.58%

Looking at commodities, gold climbed $14.40 to $1,999.40 an ounce while West Texas Intermediate crude oil slid was unchanged at $42.89 a barrel.

U.S. Treasurys were little changed with the yield on the 10-year note holding near 0.68%.

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In Europe, Germany’s DAX lost 0.3% while France’s CAC and Britain’s FTSE fell 0.68% and 0.83%, respectively.

Asian markets finished mixed with China’s Shanghai Composite adding 0.36%, Hong Kong’s Hang Seng edging up 0.08% and Japan’s Nikkei slipping 0.2%.