Market update: The S&P 500 breaks through its intraday record – 19.07.2013

Source: Henderson Global Investors

US stock markets hit historic highs yesterday with both the Dow Jones and the S&P 500 climbing 0.5%. The rise helped the S&P 500 to break through its intraday record set in late May. Morgan Stanley saw its shares rise by 4.4%, with second quarter net income almost doubling. Elsewhere, Ebay, the online retailer, fell 6.7% and was among the day’s most sold stocks after the company revealed guidance that came in below expectations.

Ahead of the country’s national election on Sunday, Japanese shares fell back from an eight-week high and halted a five-day winning streak; the Nikkei Index closed down 1.5%.

In Europe, shares fell back with Dutch group Vopak lagging (-4.6%) after cutting its profit outlook due to lower demand. Both the FTSE 100 and the FTSE Eurofirst 300 are down 0.4% at the time of writing. Energy stocks were in demand on news that the chancellor, George Osborne, is preparing to create the world’s most generous tax regime for shale gas, to encourage the industry to put down roots in the UK. Shares in Centrica were 0.6% higher while Scottish and Southern Energy was up 0.4%.