S&P 500 narrowly miss 66th record close of 2021 amid gains in Home Depot and chip-maker stocks

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The S&P 500 on Tuesday barely missed finishing in record territory for the 66th time thus far this year, as stocks in consumer discretionary (XLY) and information technology (XLK) supported a broad-market advance. The climb for the session came as retail sales jumped 1.7% in October, the government said, surpassing forecasts for a 1.5% rise and logging the biggest gain since March when households received billions in federal stimulus money. Excluding autos, sales rose 1.4%. There were some questions about the impact of inflation on the data because the report does not account for inflation. The Dow Jones Industrial Average rose 0.2% at 36,142, the S&P 500 index climbed 0.4% to around 4,700 and the Nasdaq Composite Index closed 0.8% at 15,974, on the back of gains of semiconductor manufacturers Qualcomm Inc. (QCOM) and Advanced Micro Devices Inc. (AMD). Meanwhile, Home Depot Inc rose 5.8% after the home-improvement retailer reported fiscal third-quarter profit, net sales and same-store sales that beat expectations.

-Mark Decambre

 

(END) Dow Jones Newswires

11-16-21 1609ET

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