- S&P 500 stays within touching distance of all-time highs.
- Casinos’ and cruise liners’ shares extend rally on Tuesday.
- Newmont Corporation (NEM) shares fall sharply on falling gold prices.
The S&P 500 Index (SPX) opened in the positive territory and continues to trade within a touching distance of the record high it set at 3,393 back in February. As of writing, the SPX was up 0.52% on a daily basis at 3,377.
The lack of progress in coronavirus relief bill negotiations in the US keeps stocks’ gains limited. On the other hand, investors continue to hold optimism for a coronavirus vaccine and a steady global economic recovery.
S&P 500 top movers
On Monday, casino operators’ stocks surged higher after China announced the decision to resume the individual visit scheme and reinstate tourist visas to gaming-hub Macau. The positive impact of this development continues to be felt in the markets on Tuesday. As of writing, Wynn Resorts Ltd (WYNN) and Las Vegas Sands Corp (LVS) shares are among top-performers, gaining 8.9% and 7.1% respectively.
Additionally, Norwegian Cruise Line Holdings Ltd (NCLH) and Royal Caribbean Cruises Ltd (RCL) share are up 7.8% and 6.5%, respectively.
Meanwhile, with the troy ounce of the precious metal losing more than 5% on a daily basis, gold miners’ stocks are suffering heavy losses. At the moment, Newmont Corporation (NEM) shares are down 7% on the day at $63.15 as the biggest decliner.
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