S&P, Nasdaq hit records as oil prices stabilise
US stocks ended higher on Tuesday as crude prices steadied and US Treasury yields eased, offering some reprieve from concerns that have preoccupied investors in recent weeks, and allowing markets to turn their attention to the approaching third-quarter reporting season. The broad rally pushed the S&P 500 and the Nasdaq to all-time closing highs. The blue-chip Dow remains just over 5 percent shy of its record closing level reached on August 5. When oil prices stabilise or move lower, "that causes yields to move down because there's less anxiety about energy-driven inflation, which in turn is helping lift stocks higher," said Oliver Pursche, senior vice president at Wealthspire Advisors in New York. "This has been the narrative of the market for the last couple of weeks." Six of the "Magnificent Seven" group of AI-linked mega-cap firms advanced, bolstering gains, while small-caps lagged their larger-cap counterparts. The AI trade is very much alive, with the Philadelphia SE Semiconductor Index gaining ground. Expenditures on AI-related infrastructure were reflected in international trade data, which showed imports of capital goods rose by 4.4 percent in August. The Commerce Department's report showed the US trade deficit grew by 13.7 percent as imports rose to a record high. On monthly and annual...
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