S&P 500 up slightly; yen gains, traders on alert to intervention risk; European shares hit record high
NEW YORK/LONDON:
Major stock indexes were up slightly and Treasury yields rose on Tuesday after stronger-than-expected US economic data, while the yen shot up after warnings from Tokyo on its readiness to support the battered currency.
The pan-European STOXX 600 index briefly hit a record high on gains in the healthcare sector, after heavyweight Novo Nordisk secured US approval of its weight-loss pill.
Silver hit a record high above $70 an ounce, while gold also touched a record.
Data showed the US economy grew faster than expected in the third quarter, driven by robust consumer spending. Early estimates showed gross domestic product increased at a 4.3% annualised rate last quarter, far above economists’ forecast for a rise at a 3.3% pace, according to a Reuters poll.
US economic releases have been delayed by a record federal government shutdown.
The Dow Jones Industrial Average rose 44.14 points, or 0.09%, to 48,406.82, the S&P 500 rose 5.95 points, or 0.09%, to 6,884.37 and the Nasdaq Composite rose 7.37 points, or 0.03%, to 23,435.22.
MSCI’s gauge of stocks across the globe rose 2.31 points, or 0.23%, to 1,017.80.
The pan-European STOXX 600 index was last up 0.4%. Japan’s blue-chip Nikkei closed little changed on the day.
