US stocks rose on Tuesday, sending the Dow Jones industrial average to an all-time high, as Wal-Mart Stores Inc's stronger-than-expected profit and its plan for more price cuts boosted optimism about holiday spending.
Investors also drew comfort from a government report that showed the core US Producer Price Index, stripping out food and energy costs, took its sharpest tumble in more than 13 years in October.
Wal-Mart shares jumped nearly 3 percent on the New York Stock Exchange, and were the Dow's biggest advancer. In the No 2 spot was Home Depot Inc, whose stock reversed an earlier decline to climb 3.2 percent. The S&P retail index shot up 2.2 percent.
The Dow Jones industrial average was up 78.12 points, or 0.64 percent, at 12,210.00, after hitting a fresh lifetime intraday high at 12,228.01. The Standard & Poor's 500 Index was up 7.45 points, or 0.54 percent, at 1,391.90, after rising to 1,394.49, its highest since November 2000.
The Nasdaq Composite Index was up 15.86 points, or 0.66 percent, at 2,422.24, just off a session high at 2,425.38, which also represents nearly a six-year high. Wal-Mart shares gained $1.28 to $47.61. Home Depot shares jumped $1.14 to $37.54.
Comments
Comments are closed.