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US-STOCKS-MARKETS
Dow ends at 2nd straight record after strong US data
NEW YORK, Oct 4, 2018 (BSS/AFP) – The Dow edged to a second straight
record on Wednesday following a batch of strong US economic data on hiring
and consumer sentiment.
The Dow Jones Industrial Average rose 0.2 percent to 26,828.39.
The broad-based S&P 500 added 0.1 percent at 2,925.51, while the tech-rich
Nasdaq Composite Index advanced 0.3 percent to 8,025.09.
US economic data continued to surprise to the upside, prompting a surge in
10-year US Treasury bond yields further above 3.0 percent.
Key releases Wednesday showed strong private-sector hiring and an all-time
record as far as US services sector activity.
The National Retail Federation also released an upbeat outlook on the
holiday shopping season, predicting growth of 4.3 percent – 4.8 percent
compared with last year, citing such factors as strong employment levels and
robust consumer sentiment.
“While there is concern about the impacts of an escalating trade war, we
are optimistic that the pace of economic activity will continue to increase
through the end of the year,” said NRF Chief Executive Matthew Shay.
Dow member Intel rose 1.4 percent, adding to gains after the company
signaled last week it was boosting manufacturing capacity to meet higher-
than-expected demand for processors.
Other Dow members with outsized gains included Apple, Boeing, Caterpillar
and Pfizer.
General Motors jumped 2.1 percent after announcing that Honda Motors
agreed to invest $2.75 billion in GM’s Cruise autonomous driving venture. US-
listed shares of Honda fell 3.6 percent.
BSS/AFP/HR/0935