NEW YORK (AP) – U.S. stocks set another record in crowded trading Tuesday, adding to what has already been a great year.
The S&P 500 rose 2 points, or less than 0.1%, to its 55th all-time high this year. It's up 10 of the past 11 days and is on track for one of its best years since the turn of the millennium.
The Dow Jones Industrial Average fell 76 points, or 0.2%, and the Nasdaq Composite Index added 0.4% to its own record set the previous day.
AT&T rose 4.6% after raising its profit forecast for this year. The company also announced plans to transfer $10 billion in cash to investors through share buybacks and said it plans to authorize another $10 billion in share buybacks in 2027.
Wall Street's losers were U.S. Steel, which fell 8%. next president donald trump He reiterated on social media that he has no intention of letting Japan's Nippon Steel buy the iconic Pennsylvania steelmaker.
Nippon Steel In December, the company announced plans to buy the Pittsburgh-based steelmaker for $14.1 billion in cash, and how the deal would affect unionized workers, its supply chain and U.S. national security. This raised concerns about the impact it would have. Earlier this year, President Joe Biden came out the other way Acquisition.
Tesla fell 1.6% after a Delaware judge reaffirmed that the electric car maker must: Cancel Elon Musk's multibillion-dollar compensation package. A judge rejected a request by lawyers to overturn a ruling earlier this year against Musk and Tesla Inc.'s board that forced the company to cancel an unprecedented pay package.
Overall, the S&P 500 rose 2.73 points to 6,049.88. The Dow Jones Industrial Average fell 76.47 points to $44,705.53, and the Nasdaq Composite rose $76.96 to $19,480.91.
In the bond market, government bond yields remained at a relatively stable level in response to reports indicating economic trends in the United States. The employer was advertising a few more jobs. The end of October, one month early. If the region's strong performance continues, it will increase optimism that the economy can emerge from the recession that many investors have long feared was inevitable.
The yield on the 10-year U.S. Treasury rose to 4.23% from 4.20% late Monday.
Yields have fluctuated since Election Day amid concerns about President Trump's preferences. low tax rate and bigger tariffs may spur rising inflation rate Along with economic growth. However, traders remain confident. federal reserve system intention lower key interest rates again At the next meeting in two weeks. They bet on that odds nearly three-quarters of the time, according to CME Group data.
Lowering interest rates can give the economy more oomph, but it can also give more fuel to inflation.
This week's key report, which could guide the Fed's next actions, is scheduled to be released on Friday. it is monthly employment reportIt shows how many workers U.S. employers hired and fired in November. That may be difficult to parse, given how much October's storms and strikes skewed the numbers.
Based on options market trading, Friday's jobs report will be the biggest market mover until the Fed announces its next decision on interest rates on Dec. 18, according to strategists at Barclays Capital.
In overseas financial markets, the value of the Korean currency fell by 1.1% against the US dollar. President Yoon Seok-yeol declares martial law He later said he would lift the ban after lawmakers voted to reject military rule. Stock prices of Korean companies operating in the US also fell, with SK Telecom dropping 1.6%.
Japan's Nikkei Stock Average rose 1.9%, leading global markets. Some analysts think Japanese stocks could ultimately benefit from President Trump's threats raise tariffsincluding goods came from china.
U.S.-China trade relations suffered a further setback after China announced a ban on exports to the United States of gallium, germanium, antimony and other key high-tech materials with potential military uses.
A counterpunch soon followed after the US Commerce Department expanded its list of Chinese technology companies. Subject to export regulations It also includes many companies that make equipment used to make computer chips, chip-making tools, and software. of 140 companies Almost all of the new companies on the so-called “entity list” are based in China.
In China, stock indexes rose 1% in Hong Kong and 0.4% in Shanghai on unconfirmed reports that Chinese leaders will meet next week to discuss plans for next year. Investors hope this will provide fresh impetus to boost growth in the world's second-largest economy.
In France, the CAC40 index rose 0.3% as concerns continued. politics in pariswhere the government is fighting over the budget.
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AP Business writers Yuri Kageyama and Matt Ott contributed.
