U.S. equities tacked onto a recent rally, with the major indexes nearing record high territory, as trade concerns continue to thaw to aid sentiment, while also getting some help from retail and homebuilder stocks following upbeat results from TJX Companies and Toll Brothers. However, gains were again tempered by an eye on the Fed’s upcoming Jackson Hole gathering later this week. Treasury yields rose and the U.S. dollar lost ground amid another quiet economic calendar, while crude oil and gold prices were higher.
The Dow Jones Industrial Average (DJIA) rose 63 points (0.3%) to 25,822, the S&P 500 Index increased 6 points (0.2%) to 2,863, and the NASDAQ Composite advanced 38 points (0.5%) to 7,859. In moderate volume, 734 million shares were traded on the NYSE and 1.7 billion shares changed hands on the NASDAQ.. WTI crude oil increased $0.42 to $65.84 per barrel and wholesale gasoline was unchanged at $2.02 per gallon. Elsewhere, the Bloomberg gold spot price gained $2.36 to $1,192.84 per ounce, and the Dollar Index—a comparison of the U.S. dollar to six major world currencies—was 0.7% lower at 95.24.
Treasuries were lower, with the economic docket again quiet, as the yields on the 2-year and 10-year notes, as well as the 30-year bond, were all 2 basis points (bps) higher at 2.61%, 2.84% and 3.00%, respectively.
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