The US markets ended higher on Tuesday after a somewhat choppy ride, and the S&P 500 hit a fresh record high, amid investors made largely cautious moves while awaiting more data for directional cues. Stock specific developments, Nvidia Corporation shares climbed about 4 percent. Caterpillar also gained about 4 percent, and Uber Technologies ended up 3.7 percent. Tesla, Home Depot, Netflix, Salesforce, AMD, Comcast Corporation and Nike gained 1 to 3 percent. However, Visa Inc. shares declined sharply after U.S. Department of Justice filed antitrust lawsuit against the payment company alleging that some of its debit card practices are anticompetitive. Starbucks, Citigroup, Amgen, Wells Fargo, Abott Laboratories, PepsiCo, Bank of America, Costco, Mastercard and Microsoft Corporation closed notably lower.
On the economic data front, consumer confidence in the U.S. has seen a notable deterioration in the month of September, according to a report released by the Conference Board. The Conference Board said it consumer confidence index tumbled to 98.7 in September from an upwardly revised 105.6 in August. Street had expected the index to edge down to 103.0 from the 103.3 originally reported for the previous month. The S&P CoreLogic Case-Shiller 20-city home price index in the US rose by 5.9 percent from the previous year in July of 2024, slowing from the 6.5 percent increase during the previous month. The Federal Reserve Bank of Richmond said the composite manufacturing index in the US Fifth District edged down to -21 in September of 2024, from -19 in August, worse than forecasts of -17, indicating the steepest decline in factory activity since May 2020.
Dow Jones Industrial Average rose 83.57 points or 0.2 percent to 42,208.22, Nasdaq gained 100.25 points or 0.56 percent to 18,074.52 and S&P 500 was up by 14.36 points or 0.25 percent to 5,732.93.
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