S&P 500 Closes at Record Levels as Tech Stocks Soar By Investing.com

S&P 500 Closes at Record Levels as Tech Stocks Soar

Stock MarketsNov 21, 2017 03:51PM ET

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S&P 500 Closes at Record Levels as Tech Stocks Soar

Investing.com – US stocks closed at record highs on Tuesday, as better-than-expected corporate earnings and bullish housing sector data lifted sentiment on equities.

The Dow Jones Industrial Average closed higher at 23,597.71. The S&P 500 closed 0.59% higher while the Nasdaq Composite closed at 6862.48, up 1%.

Blue chips such as Medtronic PLC (NYSE:MDT), Hormel Foods Corporation (NYSE:HRL) and Dollar Tree Inc (NASDAQ:DLTR) posted earnings that beat estimates on both the top and bottom lines, setting the a positive for the broader market.

On the economic front, investors cheered a report from the Commerce Department showing existing home sales increased 2% in October from the previous month to a seasonally adjusted annual rate of 548 million units. Economists were expecting a 0.7% rise to 5.42 million homes.

Also adding to the rally in equities was a surge in tech stocks as investors expect tech companies such Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT) to benefit from the upcoming holiday shopping season.

Despite recent concerns over tax reform weighing on equities, analysts expect the rally to continue through next year amid bullish expectations on profits and valuations.

Goldman Sachs’ David Kostin said that rising corporate profits and valuations amid a strengthening economy would likely push the S&P 500 to 2,850.

In corporate earnings news, investors look ahead to the release of quarterly results from HP Inc (NYSE:HPQ) and Salesforce.com Inc (NYSE:CRM) after the closing bell.

'Bulls and Bears' on Wall Street

The top Dow gainers for the session: Apple Inc (NASDAQ:AAPL) up 1.8%, Microsoft Corporation (NASDAQ:MSFT) up 1.3% and Visa Inc (NYSE:V) up 1.3%

Wal-Mart (NYSE:WMT) down 1.8%, General Electric (NYSE:GE) down 0.8% and Goldman Sachs (NYSE:GS) down 0.1%, were among the worst Dow performers of the session.

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US 30 Futures	34,767.0	+81.0	+0.23%
US 500 Futures	4,233.88	+8.63	+0.20%
Dow Jones	34,777.76	+229.23	+0.66%
S&P 500	4,232.60	+30.98	+0.74%
Nasdaq	13,752.24	+119.39	+0.88%
S&P 500 VIX	16.69	-1.70	-9.24%
Dollar Index	90.282	+0.066	+0.07%

Crude Oil WTI	65.09	+0.19	+0.29%
Brent Oil	68.49	+0.21	+0.31%
Natural Gas	2.963	-0.009	-0.30%
Gold	1,832.70	+1.40	+0.08%
Silver	27.780	+0.303	+1.10%
Copper	4.8220	+0.0690	+1.45%
US Soybeans	1,580.38	-1.24	-0.08%

SPDR S&P 500	422.12	+3.05	+0.73%
iShares Russell 2000	225.39	+2.80	+1.26%
Invesco QQQ Trust	334.20	+2.69	+0.81%
Direxion Daily Junior Gold Miners Bull 2X Shares	100.81	+4.37	+4.53%
iShares Silver	25.47	+0.10	+0.39%
ProShares Ultra VIX Short-Term Futures	4.06	-0.36	-8.14%
ProShares UltraPro QQQ	103.80	+2.48	+2.45%

Apple	130.21	+0.69	+0.53%
Alphabet A	2,351.93	+14.58	+0.62%
Tesla	672.37	+8.83	+1.33%
Amazon.com	3,291.61	-14.76	-0.45%
Netflix	503.84	+4.29	+0.86%
Facebook	319.08	-0.94	-0.29%
Bank of America	42.18	+0.17	+0.40%

S&P 500 Closes at Record Levels as Tech Stocks Soar

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