US stocks continue strong week

<p>The S&P was close to a record intra-day high yesterday.</p>

The good week of trading enjoyed in the US continued yesterday (August 19th), with the S&P index close to hitting a new record intra-day high during the session.

It ended within just a handful of points of its all-time intraday high of 1,991.39, which was reached on July 24th, reports Reuters.

Phil Orlando, chief equity market strategist at Federated Investors in New York, explained that geopolitical concerns in Ukraine and Russia, as well as across the Middle East, are starting to dissipate and this is reducing the pressure on the major markets in the US.

He said: "We're finally starting to see that strength in the housing market that we were expecting to get in the second quarter."

Apple was among the most eye-catching performers in the US yesterday, with the technology giant breaking through the $100 (£60) barrier for the first time since the company went through a seven-for-one split in June.

The share price of the firm rose by 1.4 per cent and hit a new split-adjusted closing high of $100.53, with the impending release of the latest Apple smartphone, the iPhone 6, growing nearer. Data also showed Apple contributed the most of any other company's stocks to the gains of the S&P 500 and the Nasdaq Composite over the course of Tuesday's trading session.

As well as the rise for the S&P, the Dow Jones industrial average increased by 80.85 points, a boost of close to 0.5 per cent, to end the day at 16,919.59. There was also a 0.43 per cent increase for the Nasdaq, which added 19.20 points to end at its best close since March 31th 2000 at 4,527.51.

BATS exchange data showed that during the course of Tuesday's trading session, some 4.5 billion shares traded on all of the main US platforms, which is down on the five-day average of 5.2 billion.

Find up to date information on spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.