US close: Dow Jones little changed following consumer confidence figures
By Iain Gilbert
Date: Tuesday 29 Jun 2021
(Sharecast News) - Wall Street stocks were mostly flat at the end of trading on Tuesday after the Conference Board's consumer confidence index rose to its highest level since the beginning of the Covid-19 pandemic in June and several big-name US banks hiked their dividends.
At the close, the Dow Jones Industrial Average and S&P 500 were both up 0.03% at 34,929.29 and 4,291.80, while the Nasdaq Composite saw out the session 0.19% firmer at 14,528.33.
The Dow closed 9.02 points higher on Tuesday, doing little to reverse losses recorded in the previous session.
Bank stocks pushed the Dow into the green early on Tuesday after Morgan Stanley doubled its quarterly dividend and launched a $12.0bn buyback programme, while Wells Fargo will also double its dividend and Bank of America, Goldman Sachs and JPMorgan will increase theirs.
Boeing shares slipped despite United Airlines committing to purchasing 200 737 Max planes, while Facebook shares slipped after having picked up solid gains in the previous session on the back of a US judge's decision to dismiss an antitrust suit brought against the social media behemoth.
On the macro front, house prices in the US continued to bound ahead at a quicker than expected clip in April, with the Federal Housing Finance Agency's house price index jumping at a month-on-month pace of 1.8% - ahead of consensus estimates for a reading of 1.7% and an upwardly revised 1.6% gain for March. The annual growth rate increased to 15.7% as a result.
Similarly, Standard&Poor's CoreLogic Case-Shiller 20-city home price index, which was published alongside the FHFA measure, advanced by 2.11% on the month (consensus: 1.8%).
Elsewhere, following gains in the previous four months, the Conference Board's consumer confidence index improved again in June, advancing to 127.3 from an upwardly revised reading of 120.0 for May.
Elsewhere, Federal Reserve Bank of Richmond president Tom Barkin said the central bank would be ready to start tapering just as soon as what he called "substantial further progress" on employment had been met.
No major corporate earnings were released on Tuesday.
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