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Home>UPDATE: Dow aims for 6th straight record as Fed comes into focus

UPDATE: Dow aims for 6th straight record as Fed comes into focus

UPDATE: Dow aims for 6th straight record as Fed comes into focus

09/20/2017

By Sara Sjolin, MarketWatch , Ryan Vlastelica

Dollar slips as FOMC kicks off two-day meeting

U.S. stock indexes climbed to record highs on Tuesday, as investors awaited the start of a two-day meeting of Federal Reserve policy makers.

The Dow Jones Industrial Average rose 52 points, or 0.2%, to 22,383, hitting a record high. On Monday, the blue-chip average notched its 40th record close of the year (http://www.marketwatch.com/story/dow-sp-500-line-up-for-fresh-records-to-start-the-week-2017-09-18). It is currently on track for its eighth straight daily gain, its longest streak since August, as well as its sixth straight record close.

The S&P 500 index rose 3.5 points, or 0.1%, to 2,507, setting an intraday record at 2,508.32. The S&P also ended at a record on Monday, its 35th of 2017. If the benchmark index ends higher on Tuesday, that will mark its sixth positive session of the past seven.

The Nasdaq Composite Index rose 8 points to 6,462, a gain of 0.1%. The tech-heavy index, which is currently up about 20% year-to-date, briefly dipped into negative territory in early trading, though it subsequently recovered. It is a few points from its intraday record.

Financial stocks were among the biggest gainers of the day, with the sector up about 0.7%, the biggest advance among the 11 primary S&P 500 sectors. The group was driven by insurance names; Progressive Corp. (PGR) was the biggest gainer in the industry, up 2.9%. Allstate Corp.(ALL) rose 0.6%.

"Markets are paying attention to what they should be paying attention and that is earnings growth," said Karyn Cavanaugh, senior market strategist at Voya Financial.

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