Markets: US stocks fall despite strong economic data
The S&P 500 saw the highest volume of trading in more than four years and has now risen more than 10.5 per cent since hitting a low point at the beginning of June, though benchmark US indices did slide moderately compared to the previous session.
Stocks were buoyed during the session by solid gains in energy, technology and financial stocks, as well as the release of recently improved US economic data and the prospect of further easing from the Federal Reserve.
However, investors are waiting to see the European Central Bank’s solution to contain the eurozone crisis.
Apple shares rose again and reached an all-time high of $674.88 (£543.88). Shares in the company now account for almost 5 per cent of the S&P index.
After touching an intraday high of 1,426 the S&P 500 closed at 1,413, a 0.35 per cent drop of 5 points compared to the previous day. The Nasdaq Composite stayed perfectly level with the previous day’s close at 3,067 points, while the Dow Jones Industrial Average fell 0.5 per cent, a 68 point drop to close at 13,203.