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Wall St closes at record highs

Tuesday, October 03, 2017 - 01:03

Autos and airlines stocks gave the markets a lift Tuesday. Fred Katayama reports.

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Auto and airline stocks drove the markets to fresh record highs Tuesday. Telecom and consumer stocks led the pack. UBS Asset Management senior client portfolio manager Greg Bughman: SOUNDBITE: GREG BUGHMAN, SENIOR CLIENT PORTFOLIO MANAGER, UBS ASSET MANAGEMENT, (ENGLISH) SAYING: "I think it's broadly a continuation of a theme we've seen over the last year or so: there's been a big rotation year to date from value equities, traditional cyclicals and financials, into growth stocks." Vehicle sales revved up in September. General Motors' U.S. sales rose 12 percent. Ford's U.S. sales increased more than 8 percent. Tesla shares rose. The luxury electric vehicle maker produced far fewer Model 3 mass market sedans in the third quarter than its original goal. Lennar's shares were hoisted upward. Quarterly profit at the second largest American homebuilder rose and topped estimates. In Europe, energy shares drove the markets higher as the selloff in Spanish stocks eased.

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Wall St closes at record highs

Tuesday, October 03, 2017 - 01:03