Stock Market Today: S&P 500 Closes Above 2,000 for the First Time
NEW YORK (TheStreet) -- U.S. stock markets pushed further into record territory Tuesday, with the S&P 500 hitting new highs and finishing above 2,000 for the first time and the Dow Jones Industrial Average reaching new records of its own.
The markets continued to trend up after the S&P 500's crossing of the 2,000-point milestone on Monday. Even with mixed readings coming from reports on durable goods and home prices, confidence remained from reassurances last week by Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi that ultra-low interest rates will remain intact.
The Dow rose 0.17% to 17,106.70, after touching a fresh intraday high of 17,153.80. The S&P 500 advanced 0.11% to 2,000.02, trading up to 2,005.04 on Tuesday. The Nasdaq increased 0.29% to 4,570.64.
"With the fed funds rate well below neutral for many more years this expansion will likely also continue for many more years," said Torsten Slok, chief international economist, Deutsche Bank Securities. "This recovery is still young."
After Tuesday, the SPX will have closed above its 200-day moving average of 1,875 for 445 consecutive trading days, the fifth such longest streak in the history of the S&P 500, according to MKM Partners' chief market technician Jonathan Krinsky.
The S&P has now more than tripled from its low on March 9, 2009 of 666 and surged from the 3.9% dip from July 24 through Aug. 7.
The Census Bureau reported Tuesday that U.S. durable goods orders jumped 22.6% in July vs. the 7.5% increase expected by economists, driven in large part by strong Boeing
Home price results were mixed. The June S&P/Case-Shiller 20-city home price index showed that home-price increases continued to slow in June, rising 8.1%. However, the June FHFA Housing Price Index came in above expectations at 0.4%.
The Conference Board's Consumer Confidence Index rose to a stronger-than-expected 92.4 in August.
In the latest deals headlines, Warren Buffett is helping finance Burger King's takeover of Canadian coffee-and-doughnut chain Tim Hortons. Burger King confirmed Tuesday that it is buying Tim Hortons for about $11 billion, creating the world's third largest fast-food restaurant company with approximately $23 billion in sales. Tim Hortons surged 8.47% to $81.05.
--By Andrea Tse in New York