NEW YORK — U.S. stocks edged further into record heights on Wall Street after shaking off a bumpy start to the day. The S&P 500 rose 0.3% Tuesday. The Dow Jones Industrial Average edged up 0.2%, adding to its own record. The Nasdaq composite gained 0.6%. Treasury yields sank in the bond market following an update on U.S. consumer confidence that was surprisingly weak.
Financial markets have been mostly ebullient after the Federal Reserve made a drastic turn last week in how it sets interest rates. It’s now lowering rates to make things easier for the U.S. economy after keeping them high for years in hopes of extinguishing high inflation. Prices climbed for crude oil and other commodities that a healthy Chinese economy would devour. Copper was up nearly 4%.
A report released Tuesday showed U.S. 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 U.S. consumers is the heart of the U.S. economy.
One of Wall Street’s bigger winners was Smartsheet, which helps companies manage projects and automate workflows. It rose 6.4% after Blackstone and Vista Equity Partners agreed to buy it in an all-cash deal valued at $8.4 billion.
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