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US: Global rally lifts US stocks to new records
[NEW YORK] Wall Street stocks climbed to new records in opening trade Tuesday, advancing with a global rally following better-than-expected earnings from Alcoa.
The S&P 500 added to a record high set Monday, while the Dow Jones Industrial Average was trading above its all-time closing high.
"It appears that the momentum trade is back again, as participants are riding the tape (and the rails) of a market that seemingly has no inclination to dwell on the negatives," said Briefing.com analyst Patrick O'Hare in a client note.
Alcoa climbed 5.9 per cent after reporting second-quarter adjusted earnings of 15 cents per share, five cents above analyst expectations.
Five minutes into trade, the Dow was at 18,333.01 points, up 0.6 per cent and just 18 points below an intraday record. Its all-time closing high was 18,312.39 in May 2015.
The S&P 500 rose 0.6 per cent to 2,150.60, while the tech-rich Nasdaq Composite Index gained 0.7 per cent at 5,024.52.