The stock market rally continues as the Dow Jones Industrial average set a record intraday high when it jumped 87 points to trade at 18,314, breaking the previous high of 18,312 set on May 19, 2015.
This comes on the heels of the S&P 500 hitting its record high on Monday, when it closed at 2,137. The rally continues this morning, with the S&P adding another 10 points to trade at 2,147. The Nasdaq is higher by 29 points, to 5,018, but is still shy of its record high, 5,027.
The S&P Retail ETF is gaining 24 cents to sell at $44.12. Redbook Research reported that retail sales were up 0.8 percent year-over-year. Last week’s retail sales rose 0.6 percent, up from the previous week’s increase of 0.5 percent.
Crude oil is higher by 2 percent, to $45 a barrel, after OPEC said that global demand would increase, while gold has slipped to $1,343 an ounce.
Amazon.com Inc. stock is inching up by $5, to $753, as the company embarks on its Prime Day of selling. Unfortunately, the day isn’t off to a good start. The online retail giant said its customers were reporting problems with the checkout after making purchases. The company tweeted that it was working to resolve the issue quickly. Separately, Amazon now has a market cap of $350 billion, making it one of the top 5 public companies in America in terms of valuation.
Adidas AG filed a lawsuit against Skechers U.S.A. Inc., accusing the competitor of stealing its Springblade concept for a similar shoe called the Mega Flex. Adidas said that Skechers infringed on two patents related to a design with midsoles that include blades to propel runners forward. Skechers called its shoes the Mega Blade 2.0 and 3.0. It’s Adidas’ second lawsuit against Skechers. Skechers doesn’t seem to be fazed, and the stock is up more than 1 percent, to $31.51.
Elsewhere, Japan’s Prime Minister, Shinzo Abe, continues to motivate his stock market higher as he suggested that the latest stimulus package could total 10 trillion in Japanese yen. Japan’s Nikkei closed higher by 2.5 percent. Hong Kong and China both closed higher as well.
Europe’s major indices continued the rally from Asia with all markets trading higher.