Economy

Dow Notches 5th Straight Record Close as Financials Surge

Dow Notches 5th Straight Record Close as Financials Surge

The fact that US stocks closed at records on Friday "suggests that as long as the situation does not escalate into military conflict, market participants may continue to place less and less emphasis on North Korean developments", said Charalambos Pissouros, senior analyst at IronFX, in a note to clients on Monday.

TOKYO: Asian shares slipped on Tuesday, hobbled by uncertainty as traders awaited a Federal Reserve meeting for clues on U.S. monetary policy. Forecasters expect the Fed to leave interest rates unchanged and stick to plans to raise rates in December.

On the United States economic front, the Commerce Department released a report showing an unexpected decrease in new residential construction in the month of August. The Dow Jones Industrial Average rose 42 points, or 0.2%, to end at 22,373, its sixth straight record finish, while the S&P 500 added 2 points, or 0.1%, to 2,506, logging its fourth record close in a row.

On the data front, USA housing starts totaled 1.18 million in July, slightly above the expected 1.175 million.

The Labor Department said imports prices climbed by 0.6% in August after edging down by 0.1% in July.

Shares of Heineken dropped 3.8 percent in Amsterdam after Fomento Economico Mexicano, a Mexican bottler and retailer, said it sold a 5.24 percent stake in the world's No. 2 brewer for about 2.5 billion euros (US$3 billion).

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Nike (NKE.N) fell 1.62 percent, pulling the Dow down the most, after a slew of price target cuts by brokerages on concerns about intensifying competition from Adidas (ADSGn.DE). Export prices had been expected to edge up by 0.2 percent.

The report said export prices also rose by 0.6 percent in August following a 0.5 percent increase in the previous month.

The Toronto Stock Exchange's S&P/TSX composite index was up 6.18 points, or 0.04 per cent, at 15,179.21 shortly after the open.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Tuesday. Hong Kong's Hang Seng fell almost 0.4 per cent to 28,051.41, while the Shanghai Composite dipped 0.2 per cent to 3,356.84.

Japan's Nikkei share average surged 2% on Tuesday after Monday's national holiday to hit its highest close in more than two years. While the German DAX Index has slipped by 0.1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are up by 0.1 percent and 0.2 percent, respectively.

In the bond market, treasuries are showing a lack of direction ahead of tomorrow's announcement by the Fed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged up by 1.4 basis points to 2.243%.


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