United States stocks open modestly lower, major indexes coming off records

Gladys Abbott
September 13, 2017

Major indexes have been in an uptrend this week, with both the S&P and the Nasdaq coming off two-day rallies, while the Dow has risen for three straight sessions.

Wall Street was in the green on Tuesday with bank stocks rising.

The Dow Jones industrial average soared 259.58 points, or 1.2 percent, to 22,057.37.

"A lot of it is the realization that the latest hurricane wasn't as devastating in the U.S.as people feared", said Tim Ghriskey, chief investment officer of Solaris Asset Management in NY.

Apple's shares had a volatile afternoon and were last down 0.3 percent at $160.95, below a session high of $163.96, as investors reacted to its unveiling of the 10th anniversary edition of the iPhone.

United States futures pointed to another upbeat session on Wall Street on Tuesday as investors eyed the latest iPhone release from Apple.

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While some investors cited worries about whether Apple would face supply shortages, others said traders were just taking profits.

The iPhone maker was the second-biggest drag on the S&P behind McDonald's, which fell 3.2% to a more than one-month low on concerns about its third-quarter results.

The Nasdaq is up 1,049.15 points, or 19.5 percent.

The Nasdaq composite advanced 72.07 points, or 1.1 percent, to 6,432.26.

Banks were big beneficiaries of the improved sentiment, with JPMorgan Chase advancing 1.3 percent and Goldman Sachs 2.2 percent despite statements from bank executives reporting weakness in the trading business.

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