Financial stocks drove the markets higher for the second straight day. But a fall in Apple shares stunted gains after it unveiled its new iPhone. Fred Katayama reports.
Financials once again leading the S&P 500 to another record high Tuesday. Fears over Irma dissipated as the storm weakened to a tropical depression. Peter Kenny of Global Markets Advisory Group. SOUNDBITE: PETER KENNY, SENIOR MARKET STRATEGIST, GLOBAL MARKETS ADVISORY GROUP, (ENGLISH) SAYING: "This really took shape yesterday with the relief rally seeing that the estimates on the hurricane damage were significantly lower than initially thought. That's A. B, I think you're starting to see a wind up in prices as a result of follow-through from earnings season." DowDuPont the Dow's second leading gainer. Under pressure from activist shareholders, the company said it'll change its plan of splitting into three units. Apple shares fell after it unveiled its highly anticipated new iPhone, the iPhone X. Marking the phone's 10th anniversary, the X features wireless charging and hardware for facial recogniation to unlock the phone. McDonald's share dropped. A research firm expressed concerns about the fast food chain's third quarter sales. Gap Stores' stock shot higher. Jefferies raised its price target on the apparel retailer. In Europe, shares rose to a five-week high in a broad-based rally led by financials. But the FTSE inched lower.