US stocks continued their record-setting run on Tuesday, with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all moving higher. The bullish mood on Wall Street was evident as Oppenheimer Asset Management strategist John Stoltzfus raised his 2024 S&P 500 price target to a Street high of 5,500.
Economic data also played a role in the market’s performance, with durable goods orders rebounding in February and the S&P CoreLogic Case-Shiller National Home Price Index rising 6% in January from a year ago. However, a fresh reading on US consumer confidence showed a decline in optimism about the future state of the economy.
Looking ahead, all eyes are on Friday’s release of the Personal Consumption Expenditures Price Index, which will provide insight into the pace of inflation.
In company news, former President Donald Trump’s social media company, Truth Social, made its Wall Street debut after merging with Digital World Acquisition Corp. Shares of Trump Media & Technology Group Corp. surged more than 40% in early trading.
Overall, the market’s positive momentum continued, with consumer discretionary leading sector action and cocoa futures reaching a record high. However, challenges remain for companies like Hershey, which are facing pressure from rising cocoa prices, and Under Armour, where leadership changes are expected in the coming months.
