Dow Hits Record High Despite Cautious Economic Data
Synopsis
At the time of writing, the Dow Jones Industrial Average index traded 0.5% higher, at 50,430 points, and the S&P 500 index edged up to 6,966 points.
U.S. stock markets opened with gains on Tuesday, pushing the Dow Jones Industrial Average to an all-time high, as investors appeared to shrug off retail concerns in favor of broader market optimism.
At the time of writing, the Dow Jones Industrial Average (DJI) traded 0.5% higher, at 50,430 points. Meanwhile, the S&P 500 (SPX) edged up to 6,966 points. However, the Nasdaq Composite (COMP) inched 0.1% lower.
Consumer spending in the U.S. unexpectedly flattened in December. According to the Commerce Department, overall retail purchases, unadjusted for inflation, showed little change following a 0.6% gain in November.
At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index was up by 0.2%, the Invesco QQQ Trust ETF (QQQ) gained 0.2%, and the SPDR Dow Jones Industrial Average ETF Trust (DIA) increased 0.7%.
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