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Omar Venerio
Omar Venerio
Articles (836) 

Stocks Climb as S&P Hits Record High

Indexes up in morning trading

U.S. stock market indexes opened higher on Tuesday. The Dow Jones Industrial Average rose 33.19 points to open at 22,090.56. The Standard & Poor’s 500 index opened up 0.2% at 2,491.94, an intraday record high. The Nasdaq 100 index rose 16.55 points to open at 6,448.81. The dollar index is up 0.18%.

Teva Pharmaceutical Industries Ltd. (NYSE:TEVAshares were up more than 7% in morning trading after the company announced on Monday it found a new CEO, Kare Schultz, and entered an agreement with CooperSurgical to sell Paragard (intrauterine copper contraceptive) for $1.1 billion in cash. The transaction includes Teva's manufacturing site in Buffalo, New York.

In other news, shares of Alcoa Corp. (NYSE:AArose after analysts at Deutsche Bank upgraded the company from hold to buy and set a price target of $60 (from $44). The upgrade is based on an increase in aluminum chain commodity forecasts.

Apple Inc. (NASDAQ:AAPL) shares were up in pre-market trading ahead of the launch of the 10th anniversary edition of the iPhone today, which will be the biggest in years. The stock fell after open and is down around 0.2%.

Gainers

Losers

Global markets

The main European stock markets traded higher. France's CAC 40, Germany's DAX and the IBEX 35 advanced more than 0.5% while the FTSE 100 was down 0.17%.

In Asia, Japan’s Nikkei Index and India's Sensex rose 1%, while China’s Shanghai Composite and Hong Kong’s Hang Seng advanced almost 0.1%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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