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S&P tops 3300 on strong retail sales

Credit: Reuters Studio
Published on January 16, 2020 - Duration: 01:39s

S&P tops 3300 on strong retail sales

The S&P 500 hit the 3300 mark for the first time Thursday.

As Fred Katayama reports, solid retail sales data and upbeat earnings from Morgan Stanley drove the indexes to record highs.

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S&P tops 3300 on strong retail sales

Solid retail sales drove investors to shop for more stocks Thursday, pushing the S&P 500 above the 3300 mark for the first time.

Retail sales rose 0.3% in December, easing concerns about the health of the consumer.

ALSO BOOSTING THE MARKET - Morgan Stanley..

ITS shares were the biggest gainer on the S&P 500.

The investment bank's quarterly profit surged 46% and crushed analysts' estimates.

It also raised the bar on its performance metrics.

It's been a week for milestones on Wall Street..

With the DOW closing above 29,000 for the first time ever.

But Thomson Reuters Stocks Buzz analyst Terence Gabriel sees some red flags for investors.

SOUNDBITE: THOMSON REUTERS STOCKS BUZZ ANALYST TERENCE GABRIEL (ENGLISH) SAYING: "I'm very cautious here because we have a number of indications the market is overheated, showing dissipating energy, and very complacent.

And when we look at these three things together, it suggests a market that could be ripe for a reversal, vulnerable to a turn in sentiment." OTHER BIG MOVERS THURSDAY - Shares of Signet Jewelers rose more than 40%.

The jewelry retailer raised its forecast for same-store sales this fiscal year.

Google parent Alphabet inched higher, topping $1 trillion in market valuation, making it the fourth U.S. company to cross that threshold.

BUT

Class="kln">Tesla shares declined.

The electric car maker's quarterly vehicle registrations fell by nearly half in California according to a report by Dominion Cross-Sell.

Separately, Morgan Stanley downgraded the shares to "underweight" from "equal weight."..

TESLA HAS BEEN ON TEAR ..

Up 56% since the end of November.

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