Here Are 3 Hot Things to Know About Stocks Right Now
- The S&P 500 posted a record closing high even as investors worried about a fresh U.S.-EU tariff dispute.
- Anheuser-Busch InBev (BUD) rose on news that the world's biggest brewing company and maker of Budweiser beer is planning a Hong Kong listing of its Asian business that could raise around $10 billion.
- Amarin (AMRN - Get Report) surged after the pharmaceutical company boosted its revenue guidance amid strong demand for its Vascepa treatment for chronic cardiovascular disease.
Wall Street Overview
Stocks ended slightly higher Tuesday as bank stocks led the declines and a potential U.S.-EU trade dispute dented optimism over the detente between the U.S. and China.
The S&P 500 rose 0.29% to 2,973.01, its second record closing high in as many days. The Nasdaq was up 0.22%. The Dow Jones Industrial Average rose 69 points, or 0.26%, to 26,786.68.
Bank stocks were among the day's laggards, with such companies as Citigroup (C - Get Report) , Bank of America (BAC - Get Report) and Wells Fargo (WFC - Get Report) all losing ground. The SPDR S&P Bank ETF (KBE - Get Report) was down 1.37%.
Stocks were helped earlier in the session after White House trade adviser Peter Navarro said U.S. trade talks with China were "headed in a very good direction."
This followed President Donald Trump's statement Monday that trade negotiations had "essentially" begun between the U.S. and China after he reached a deal to re-start talks with Chinese President Xi Jinping at the G-20 summit in Osaka, Japan over the weekend. He said any final agreement would need to be "somewhat titled" to the advantage of the United States.
Stocks started Tuesday's session in the red after the U.S. Trade Representative's office proposed to increase the value of European-made goods targeted for potential import tariffs by $4 billion -- to $25 billion -- amid a long-running dispute between Washington and Brussels over government subsidies to aircraft makers Airbus (EADSY) and Boeing (BA - Get Report) . Shares of both companies were off slightly.
Amarin (AMRN - Get Report) surged after the pharmaceutical company boosted its revenue guidance amid strong demand for its Vascepa treatment for chronic cardiovascular disease. American depositary receipts of Amarin climbed 16.3% to $22.37.