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Wall Street hits new records as tech stocks climb

17 September 2017

At 1732 BST, the Dow Jones Industrial Average was edging higher by 0.04% or 10.15 points at 22,128.38, alongside a dip of 0.02% to 2,495.89 for the S&P 500 while the Nasdaq Composite was lower by 0.05% or 3.22 points to 6,451.50. Health-care and tech stocks have led the S&P 500 in its latest 100-point trip up, jumping at least 6 percent.

The Nasdaq composite outperformed, closing 0.3% higher at 6,448.47; it also managed to an intraday record of 6,464.27.

The S&P 500 Index powered past 2,500 for the first time, notching its third round-number milestone of the year as the equities market in the the U.S. continue to climb. All three are on track for their third positive week of the past four. Information technology stocks rose by a similar amount as a sector. Advanced Micro Devices (AMD) was up 2.8%.

Earlier, North Korea fired a second missile in as many weeks over Japan, drawing criticism from global leaders but barely moving shares as investors await the next catalyst - the Federal Reserve's meeting on September 19-20. The biggest contributions to the gains were made by stocks in Boeing, 3M and Apple.

Posted: Sep. 15, 2017 8:00 am Updated: Sep. The precious metal had climbed to around $1,338 an ounce following North Korea's latest move.

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Japan's benchmark Nikkei 225 index edged up 0.1 percent to 19,835.30 but South Korea's Kospi lost 0.4 percent to 2,369.32. The market remains in a firm uptrend despite underlying concerns of overvaluation.

USA retail sales unexpectedly fell in August as Hurricane Harvey likely depressed motor vehicle purchases, dropping 0.2 percent last month. Separately, the Empire State factory gauge hit 24.4 in September, down slightly.

And every market sector showed increases, despite reports showing Hurricanes Harvey and Irma had a big impact on USA retail sales and industrial activity in August that is likely to cut economic growth in the third quarter. The Federal Reserve said the decline was mostly due to the recent impact of Hurricane Harvey. The storm also had an effect on consumer sentiment, which fell slightly in August.

"Valuations are stretched, but I don't believe we're in bubble territory. As we head into earnings season, there's a potential for the market to go even higher", Shah said. "Recent data has been mixed, but given the storms it's hard to read too much into it".

U.S. Treasury prices did little to help their weekly losses, as the yield on the benchmark 10-year note finished flat at 2.20%, locking in a gain of 14 bps for the week, while the two-year yield added 2 bps to 1.38% and a weekly gain of 13 bps.

Wall Street hits new records as tech stocks climb