US Close 24 Aug 16: NASDAQ hit a record high overnight, helped by strong US homes sales

US sharemarkets recorded modest gains on Tuesday, with the Nasdaq managing to hit an intra-day record high. The upbeat home sales data, supported the housing sector. The PHLX housing index rose 1.8%, its best one-day gain in six weeks. Broker upgrades to resource stocks supported the material sector. The S&P materials sector rose 0.8%. Electronics retailer Best Buy surged 19% after posting a strong quarterly profit. The Dow Jones index rose by 18 points or 0.1%. The S&P 500 index rose by 0.2% and the Nasdaq lifted by 15 points or 0.3%.

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