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Dow Jones closes at record high

Published 12/07/2016

The Dow Jones industrial average closed at a record high
The Dow Jones industrial average closed at a record high

The US stock market hit another milestone as the Dow Jones industrial average closed at a record high, a day after the Standard & Poor's 500 index did.

Both indices beat marks they set in May 2015. The gains on Tuesday were led by energy companies, materials companies and banks.

Bond prices fell as investors moved money out of lower-risk investments. Safe-haven stocks like utilities and phone companies also fell.

Company earnings reports got off to a good start. Aluminium maker Alcoa jumped 5% after reporting results that beat analysts' forecasts.

The Dow Jones gained 120 points, or 0.7%, to 18347.

The S&P 500 climbed 14 points, or 0.7%, to 2152, and the Nasdaq composite rose 34 points, or 0.7%, to 5022.

The Nasdaq erased its losses for the year.

AP

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