US stocks drifted to more records Tuesday after Chinese stocks soared following a slew of moves by the Chinese central bank to prop up the world's second-largest economy .
- The S&P 500 rose 14.36 points, 0.3%, to 5,732.93 setting an all-time high for the 41st time this year.
- The Dow Jones Industrial Average rose 83 points, or 0.2%, 42,208.22, adding to its own record set the day before.
- The Nasdaq composite gained 100.25, or 0.6%, to 18,074.52.
The S&P 500's movements were tentative, though, and the index wavered up and down following a surprisingly weak report released in the morning on confidence among US consumers, the
AP reports.
The report showed US households are feeling more worried about the job market. Their overall confidence level sank in September, according to the Conference Board, instead of rising like economists expected. That's a big deal because spending by US consumers is the heart of the US economy. AutoZone's stock slipped 0.2% after the seller of auto replacement parts and accessories said a key measure of its sales performance among its US stores barely grew during the latest quarter. AutoZone said it's continuing to see customers at its US stores delay purchases of non-essentials.
One of the risks hanging over the market is the struggling Chinese economy and how much its flagging growth may affect the rest of the world. After earlier delivering some modest and piecemeal moves, the chief of China's central bank on Tuesday announced a broad set of changes to bolster its economy, including a reduction in the amount of reserves banks are required to keep. Prices climbed for crude oil and other commodities that a healthy Chinese economy would devour. Copper rose 3.3%.
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One of Wall Street's bigger winners on Wednesday was Smartsheet, which helps companies manage projects and automate workflows. It rose 6.5% after Blackstone and Vista Equity Partners agreed to buy it in an all-cash deal valued at $8.4 billion. Nvidia's jump of 4% was the strongest force lifting the S&P 500 index Tuesday. Visa fell 5.5% after the Justice Department filed an antitrust lawsuit that accused the company of illegally monopolizing the debit card market.
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