What’s driving the record rises?

What’s driving the record rises?

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On the US stock market, the record ride has continued on Tuesday. Shortly after the start of trading, the US leading index Dow Jones Industrial index surpassed its benchmark of 22,600 points for the first time in its history, and the broadly based S & P 500 reached a new peak. Later, the NASDAQ Composite followed to mark a record high.

The sentiment on Wall Street is still positive. At the moment, however, the market participants would evaluate the prospects for a tax reform after the Republican Senator Bob Corker expressed concern that such a reform could further inflate the budgetary deficit.

The Dow rose 0.37 percent to 22 641.67 points, while the S & P 500 increased by 0.22 percent to 2534.58 points. The NASDAQ composite advanced by 0.23 percent to 6531.71 points. All three indices had reached record highs already at the beginning of the week. The NASDAQ 100 selection index climbed 0.22 percent on Tuesday to 5995.06 points, thus closing below its mid-September record of 6013 points.

Automakers Ford and GM sold more cars in September and increased to 3.1 percent. Fiat Chrysler saw sales decline in the United States, but less than expected. The share rose 0.1 percent. In general, more cars were sold in the US in September. Major cause is hurricane Harvey, causing thousands of cars to be under water. Owners of those cars are looking for a new car.

Supermarket group Kroger won 3 percent, after an anonymous tweet that Ahold would work on a bid on the company. Home builder Lennar went 5 percent ahead, thanks to better than expected quarterly figures.

The shares of the electric car manufacturer Tesla, which had still been weak at the start of trading in the NASDAQ selection index, turned into a green and ultimately rose by 1.94 percent. The production of the new model 3 remained behind its own expectations in the third quarter due to bottlenecks.

MGM Resorts International recovered slightly with a 0.3 percent increase. On Monday, the share dropped sharply, after the shooting in Las Vegas involving nearly 60 deaths and hundreds of people injured.

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I cover technology, utilities and biotechnology for Markets Morning, and I help out occasionally with other industry sectors. I’ve written about investment and personal finance topics for more than 20 years from a lowly copywriter to editor-in-chief, so I’ve done a little bit of everything. For what it’s worth, I have a BA from Duke University and an MBA from Rollins College. I’m married with one daughter, and that’s worth more than everything else put together.

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