August 21, 2018 / 5:31 PM / 3 months ago

INSTANT VIEW-S&P 500 trades above January high at new record

NEW YORK, Aug 21 (Reuters) - The S&P 500 stock index rose as much as 0.57 percent on Tuesday to 2,873.23, putting it above its previous record high of 2,872.87 on Jan. 26. Bolstered by quarterly earnings reports and a rise in stock buybacks, the benchmark S&P 500 has gained over 2 percent in the past month.

Closing above the January high would mean that the benchmark index ended a correction on Feb. 8, according to some investors.

Story COMMENTS: OLIVER PURSCHE, CEO, BRUDERMAN BROTHERS, NEW YORK

“I think it makes sense, you’ve had 24.6 pct earnings growth and some of the headwinds that have been plaguing markets and keeping them down – mainly trade war with China – at least for now seem to ebb a little bit in the sense that there are further talks planned. So markets reaching higher is logical and makes sense.

“As with anything else there are a lot of developments and investors ought to be somewhat careful. One of the areas of concern is that there’s still a relatively narrow breadth in the market in terms of leadership. So you want to take that into account. It’s certainly positive for the Russell 2000 and the Nasdaq outperforming the S&P 500 and the Dow from a technical perspective.”

MARKET REACTION STOCKS: The S&P was up 0.49 percent, slipping a bit from its highs. The Dow was up 0.46 percent. The Nasdaq was up 0.9 percent.

TREASURIES: The yield on the U.S. 10-year Treasury note ticked down slightly to 2.8478 but was still up on the day DOLLAR: The U.S. dollar index was off 0.61 percent (Compiled by Alden Bentley)

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