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S&P, Dow finish at fresh new record highs

Jul. 12, 2016 4:25 PM ETBy: Carl Surran, SA News Editor16 Comments
  • The Dow joined the S&P 500 in posting a new all-time closing high, sparked by a rally in crude oil prices, stronger than expected earnings from Alcoa, the promise of stimulus measures in Japan and as Brexit fears subside.
  • The Nasdaq closed in positive territory for the first time this year, and its rebound, combined with the broader market milestones, is an encouraging sign to analysts who had worried about the durability of the market's gains built on relatively safe trades.
  • “As the environment looks less scary, it makes sense to go after what was perceived as being these riskier, growth-oriented stocks,” says Karyn Cavanaugh of Voya Investment Management.
  • "People are getting more comfortable within the growth area of the market," Robert Pavlik of Boston Private Wealth tells CNBC. "I definitely see more of a risk-on mentality. People are foregoing the yield plays for the growth parts of the market."
  • The energy (+2.3%) sector topper today's action, rallying in conjunction with a 4.4% gain in oil futures to $46.74/bbl, ahead of heavily-weighted financial (+1.2%) and tech (+1.0%), while telecom (-0.3%), health care (-0.5%) and utilities (-1.4%) lost ground.
  • Today's trading volume was above the recent average, as 952M shares changed hands on the NYSE floor.
  • U.S. Treasurys fell under broad-based selling pressure, with the 10-year yield ending higher by 7 bps at 1.51%.

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