US stocks opened higher on Tuesday, with the S&P 500 inching towards a new all-time high.
Near 10:11 a.m. ET, the Dow was up 58 points, the S&P 500 was up 4 points, and the Nasdaq was up 3 points. The Nasdaq set a new record on Monday.
At 2,127, the S&P 500 was sitting just 3 points below its all-time closing high and 7 points off an all-time intraday high.
Economic data was plenty this morning.
Durable goods orders fell 1.8% in May, more than the 1% drop economists expected. Durable goods orders excluding aircraft and defence orders, or “core” orders, rose 0.4% in May, a bit less than expected.
We got two pieces of housing market data: Home prices rose 0.3% in April, lower than Bloomberg’s consensus forecast for a 0.5% jump, according to the latest report from the Federal Housing Finance Agency. And, new home sales jumped 2.2% month-over-month to an annual rate of 546,000 — the highest level since February 2008..
US manufacturing PMI fell to the lowest level since October 2013 in June. Markit’s flash manufacturing PMI unexpectedly fell to 53.4 , versus expectations for a reading of 54.1.
Treasuries are lower, with the yield on the benchmark 10-year note up five basis points, or 0.05 percentage point, to 2.41%.
The dollar is rallying, and its index rose more than 1% to around 95.48. The euro keeps sliding, and has fallen to as low as 1.1136 against the dollar on Tuesday.
Greece is still on investors’ minds. The European Central Bank increased its emergency funding to Greek banks to about €89 billion ($US99.3 billion) as depositors continue to yank out their cash. Eurozone finance ministers will meet tomorrow to work out a deal ahead of the EU summit on Thursday.
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