US: Nasdaq ends at fresh record as stocks gain

[NEW YORK] Wall Street stocks ended a choppy session higher on Tuesday, with the Nasdaq climbing to a fresh record as markets monitor Washington negotiations on another relief package.

Talks were ongoing between Republican and Democratic leaders on another round of emergency funding to support the coronavirus-battered US economy, after the US$600 in weekly supplemental unemployment benefits expired last week.

Analysts generally expect Washington to get something done although the timing remains unclear.

The Dow Jones Industrial Average ended at 26,828.47, up 0.6 per cent.

The broad-based S&P 500 advanced 0.4 per cent to 3,306.51, while the tech-rich Nasdaq Composite Index also climbed 0.4 per cent at 10,941.17 to finish at a second straight record.

Analysts also are monitoring ongoing tensions between the US and China, exacerbated most recently in the fight over TikTok.

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China accused Washington of "bullying" over the popular video app after President Donald Trump ramped up pressure for its US operations to be sold to an American company, saying he will block the app in the US on September 15 unless it is sold.

Trump also said the US should receive a share of the deal, drawing criticism from legal experts who likened the maneuver to racketeering.

Among individual companies, Ford rose 2.5 per cent after announcing that Jim Hackett would resign as chief executive and be replaced by longtime auto executive Jim Farley.

Take-Two Interactive jumped 5.9 per cent following a surge in video game bookings from consumers stuck at home due to the pandemic.

Eastman Kodak fell 3.6 per cent following a Wall Street Journal report saying authorities are investigating the share price movements last week connected to an announcement of a government loan for the company to produce generic drug components, potentially benefiting executives with stock-option grants.

AFP