S&P 500 hits new high as mining stocks rise on China stimulus boost
Mining stocks rise on China's stimulus package
Visa slips after report DOJ will file antitrust lawsuit
U.S.-listed Chinese firms jump after domestic stimulus plan
Indexes up: Dow 0.01%, S&P 500 0.15% Nasdaq 0.48%
Recasts with midafternoon trading, adds analyst comments and market details
By Echo Wang
Sept 24 (Reuters) -The Dow and S&P 500 reached new highs on Tuesday, overcoming weak consumer confidence data, with mining stocks driving gains after China unveiled a sweeping stimulus package.
The indexes initially trimmed gains after a report from the Conference Board revealed an unexpected decline in U.S. consumer confidence in September, driven by growing concerns about the labor market's health.
“Today's price action is predominantly about what happened overnight with the policy announcements from China, direct support for their equity market and pledges to cut interest rates in the future, has caused a really sharp move in international stocks in general,” said Zachary Hill, head of portfolio management at Horizon Investments in Charlotte, North Carolina.
“That's feeding through into parts of the U.S. market, where you see some more China-sensitive, more cyclical industries like metals and mining materials sector outperforming.”
At 2:39 p.m. EDT the Dow Jones Industrial Average .DJI rose 2.96 points, or 0.01%, to 42,127.61, the S&P 500 .SPX gained 8.78 points, or 0.15%, to 5,727.91 and the Nasdaq Composite .IXIC gained 86.09 points, or 0.48%, to 18,060.36.
Six of the 11 S&P 500 sectors traded higher, with material stocks .SPLRCM outperforming peers with a 1.32% rise.
Metal prices got a boost after the world's second-largest economy, China, unveiled its biggest stimulus since the pandemic to pull the economy out of its deflationary funk.
Copper and lithium miners rose. Freeport-McMoRan FCX.N rose 7.9%, Southern Copper SCCO.N added 7.66%, Albemarle ALB.N advanced 2.58% and Arcadium Lithium ALTM.N climbed 4.2%.
U.S.-listed shares of Chinese firms such as Alibaba BABA.N rose 7.19%, PDD Holdings PDD.O added 9.85% and Li Auto LI.O advanced 10.46%, tracking gains in the domestic market.
Megacap stocks were mixed, with Nvidia NVDA.O gaining 4.51%, while Microsoft MSFT.O lost over 1%. The broader technology sector .SPLRCT rose 0.69%.
The Philadelphia SE Semiconductor Index .SOX was up 1.35% as chip stocks Qualcomm QCOM.O and Intel INTC.O rose 0.61% and 1.31%, respectively.
Meanwhile, Federal Reserve Governor Michelle Bowman cautioned that key inflation measures remained "uncomfortably above" the Fed's 2% target, warranting caution as the Fed proceeds with cutting interest rates.
Weekly jobless claims and personal consumption expenditure data remain in focus this week.
Among stocks, Visa V.N lost 4.66% after the U.S. Department of Justice sued the company for alleged antitrust violations. This weighed on the financial sector .SPSY which slipped more than 1%.
Advancing issues outnumbered decliners by a 1.72-to-1 ratio on the NYSE. There were 491 new highs and 38 new lows on the NYSE.
The S&P 500 posted 58 new 52-week highs and no new lows while the Nasdaq Composite recorded 95 new highs and 91 new lows.
Reporting by Echo Wang in New York, Johann M Cherian and Purvi Agarwal in Bengaluru; Editing by Maju Samuel and Matthew Lewis
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