March 2, 2021

Business Information

More Highs for S&P, NASDAQ

2 min read
The Dow Jones Industrial Average fell on Tuesday as Apple shares declined for the first...

The Dow Jones Industrial Average fell on Tuesday as Apple shares declined for the first time in six sessions and traders assessed a big shake-up for the average.

The 30-stock index let go of 59.91 points to 28,248.55. Apple dropped 0.8%, giving back some of its blistering rally into a record valuation. Boeing also contributed to the Dow’s decline, falling 2%.

The S&P 500 kept marching, piling 12.37 points onto Monday’s all-time record at 3,443.65.

The NASDAQ Composite improved 86.75 points on Monday’s all-time peak, to 11,466.47.

Facebook climbed more than 3%. Amazon, Alphabet and Microsoft were all up more than 1%.

After the bell, S&P Dow Jones Indices said Salesforce.com will replace Exxon Mobil, Amgen will replace Pfizer and Honeywell International will replace Raytheon Technologies in the Dow average. The changes are driven by Apple’s coming stock split, which will reduce the technology weighting in the price-weighted average.

Salesforce, Amgen and Honeywell gained in pre-market trading while Exxon Mobil, Pfizer and Raytheon declined. Exxon has been a part of the average for nearly 100 years.

The U.S. Census reported a 36% surge in sales of newly built homes in July. However, the Conference Board’s consumer confidence index fell for a second straight month.

Stocks started out strong on hopeful news on the U.S.-China trade front.

In a statement, the Office of the U.S. Trade Representative said that both sided “progress and are committed to taking the steps necessary to ensure the success of the” phase one trade deal.

The two countries also “addressed steps that China has taken to effectuate structural changes called for by the Agreement that will ensure greater protection for intellectual property rights,” the statement said.

Prices for the 10-Year Treasury sagged, raising yields to 0.69% from Monday’s 0.65%. Treasury prices and yields move in opposite directions.

Oil prices acquired 74 cents to $43.36 U.S. a barrel.

Gold prices demurred $4.70 to $1,934.50 U.S. an ounce.

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