Dow, S&P 500 edge higher; Nasdaq ends above 4,000

NEW YORK — Upbeat news from the housing industry and luxury retailer Tiffany &Co. nudged the stock market higher Tuesday.

Investors also got another market milestone when the Nasdaq composite closed above the 4,000-point mark for the first time in 13 years.

The event follows two other round-number moments last week. The Standard &Poor’s 500 index closed above 1,800 for the first time, and the Dow Jones industrial average finished above 16,000.

On Tuesday, homebuilder shares were among the top gainers in the broader stock market. They rose after the Commerce Department reported that approvals for housing permits rose in October at the fastest pace in five years. Those applications indicate that builders expect heightened demand.

Most of the growth in the report came from apartment permits, not homes, but investors felt the data was positive.

“It’s going to translate into job creation once those permits turn into actual construction,” said Quincy Krosby, market strategist with Prudential Financial.

Shares of PulteGroup, Toll Brothers and Lennar Corp. all rose 3 percent or more.

The Nasdaq closed up 23.18 points, or 0.6 percent, to 4,017.75. The last time the Nasdaq closed above the 4,000-point level was Sept. 6, 2000.

The other two major stock indexes inched higher. The Dow rose less than a point to 16,072.80. The S&P 500 index also rose less than a point, to 1,802.75.

Tiffany &Co. rose the most in the S&P 500 index. The jewelry chain jumped $7.03, or 9 percent, to $88.02, after it reported strong third-quarter earnings. The company also raised its full-year forecast.

Stock and bond markets are closed Thursday in observance of Thanksgiving. On Friday, the New York Stock Exchange and Nasdaq will close early.

Investors continue to pay close attention to any details from retailers, with the approach of Black Friday, the busy shopping day that follows Thanksgiving.

Due to the lateness of Thanksgiving, the holiday shopping season is a week shorter than usual and that could affect the amount of shopping people do. An increasing number of retailers are opening up on Thanksgiving to draw in customers.

Holiday shopping can account for as much as 40 percent of the retail industry’s annual sales. The National Retail Federation, the nation’s largest retail trade group, expects an increase of 3.9 percent to $602.1 billion in holiday sales this year

Already, many retailers have trimmed profit forecasts for the year, citing Americans’ hesitation to spend a lot of money. Barnes &Noble shares fell 98 cents, or 6 percent, to $15.45 after the bookseller’s fiscal second-quarter sales fell short of Wall Street expectations.

In other company news, men’s clothing store Jos. A. Bank rose $5.69, or 11 percent, to $56.29 after rival Men’s Wearhouse offered to buy the company for $1.5 billion. Men’s Wearhouse rose $3.53, or 8 percent, to $50.60.

More in Herald Business Journal

More business, more competition for Everett kidney dialysis center

Nonprofit Puget Sound Kidney Centers sees large for-profit competitors enter state market.

Suitors, beware: In Seattle, Amazon also brought disruption

The company has grown there from a workforce of about 5,000 to more than 40,000 in 33 buildings.

Boeing rushes to bring back retirees as temps

It’s unclear if this could be a definitive turn in the downsizing tide.

Tax cuts won’t generate as much economic growth as Trump says

There’s little historical evidence that tax cuts actually pay off in boosting economic growth long-term.

City of Marysville adds HR director

The City of Marysville has hired Bill Kolden as its new human… Continue reading

Economic Alliance to host After Hours event at Clothes for Kids

The next Economic Alliance Snohomish County Business After Hours event is from… Continue reading

Speed Networking planned by Lynnwood Chamber

The next Good Morning, Lynnwood Chamber Speed Networking is from 7:30 to… Continue reading

More self-awareness could help build a better medical system

Marcy Shimada of Edmonds Family Medicine writes the second in a series about fixing our health care system.

Scratch-and-sniff brochures aimed to prevent disaster

Puget Sound Energy has distributed more than a million scratch-and-sniff brochures to… Continue reading

Most Read