The tech-heavy Nasdaq and benchmark S&P 500 rallied to all-time highs, leaving the Dow still shy of its 20,000 milestone. It was day two of the busiest week of Q4 earnings season.
Here’s the scoreboard:
- Dow: 19,913.36 ,+113.51, (0.57%)
- S&P 500: 2,280.36, +15.16, (0.67%)
- Nasdaq: 5,602.12, +49.18, (0.89%)
- Alibaba’s third-quarter revenue rose 54%, beating analyst estimates, thanks to higher sales during its Single’s Day shopping event and higher earnings in cloud computing and digital media.
- Barclays downgraded Apple from “overweight” to “equal weight” and dropped its price target to $117 from $119. Analysts said investors were pinning too much hope on the next iPhone.
- Existing home sales in the US booked a weaker-than-expected December but saw their strongest year since 2006. Sales decreased by 2.8% at a seasonally adjusted annual rate of 5.49 million in December, according to the National Association of Realtors.
- Markit Economics’ flash US purchasing manager’s index (PMI) rose to 55.1 in January. New orders jumped at the fastest rate in two years, “thanks mainly to rising demand from customers in the home market,” the report said on Tuesday.
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