Stock Market News For November 23, 2016

Rising expectations from Donald Trump’s policy proposals and encouraging housing data led the benchmarks to close in positive territory on Tuesday. All the three key U.S. indexes finished at record high levels for the second consecutive session. Both the Dow and S&P 500 moved past the respective psychological levels of 19,000 and 2,200. Moreover, retailers registered stable gains ahead of the holiday shopping season.

For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article.

The Dow Jones Industrial Average (DJI) increased 0.4%, to close at 19,023.87. The S&P 500 rose 0.2% to close at 2,202.94. The tech-laden Nasdaq Composite Index closed at 5,386.35, gaining 0.3%. The fear-gauge CBOE Volatility Index (VIX) fell 0.1% to settle at 12.41. A total of around 7.3 billion shares were traded on Tuesday, lower than the last 20-session average of 8.1 billion shares. Advancers outpaced declining stocks on the NYSE. For 68% stocks that advanced, 29% declined.

What Boosted the Benchmarks?

Markets moved up following continued expectations that Donald Trump will adopt new policies including, expansionary infrastructure spending, environmental and financial deregulation and tax cuts. Moreover, Trump said yesterday that bilateral trade deals will be negotiated in order to “bring jobs and industry back onto American shores."

President-elect Trump’s latest policy agenda and rising Fed rate hike possibilities had a positive impact on investor sentiment. Additionally, retail companies are expected to gain ahead of the holiday season starting with Thanksgiving Day.

Further, shares of Dollar Tree Inc (NASDAQ:DLTR). (Dollar Tree Q3 Earnings Beat Estimates, Stock Up )

Strong shopping season and gains in Dollar Tree led the Consumer Discretionary Select Sector SPDR (XLY) to rise 1.2% and become one of the best performers among the S&P 500. Some of its key holdings including, Amazon.com (NASDAQ:AMZN), Inc. ( .

According to the National Association of Realtors, existing homes sales rose 2% in October from September to a seasonally adjusted rate of 5.60 million, to reach the highest annualized rate in more than nine years. Sales of previously owned homes also came higher than the consensus estimate of 5.43 million.

Increase in existing home sales led the Real Estate Select Sector SPDR (XLRE) to advance 1.7% and become the biggest gainer among the S&P 500. Key holdings from this sector including Simon Property Group Inc (NYSE:SPG). (AMT ) increased 1.1% and 2%, respectively.

Stocks That Made Headlines

HP Inc. Q4 Earnings Match Estimates, Revenues Beat

HP Inc. (Read More )

Hewlett Packard Q4 Earnings In Line, Revenues Lag

Hewlett Packard Enterprise Company (Read More )

Tech Data Q3 Earnings & Revenues Top Estimates

Tech Data Corp. (Read More )

GameStop (NYSE:GME) Q3 Earnings Beat, Sales Miss; View Intact

GameStop Corp. (Read More )

Citi Trends Incurs Loss in Q3; Stock Plunges 8.3%

Citi Trends Inc. (Read More )

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Written By: Zacks Investment Research