Dow Jones and S&P top record highs

by Linda Olson August 9, 2017, 0:05
Dow Jones and S&P top record highs

At 9:38am ET (1338 GMT), the Dow Jones Industrial Average was down 31.4 points, or 0.14%, at 22,087.02, and the S&P 500 was down 4.19 points, or 0.16%, at 2,476.72.

The Dow and S&P 500 ended at fresh records on Monday (Aug 7) as a strong second-quarter earnings season continued to attract more funds to the USA equity market.

Dow e-minis were up 34 points, or 0.15 percent, with 13,064 contracts changing hands.

Economic data have also been mostly positive lately.

Meanwhile, investors will continue to closely track the second-quarter earnings season to see if pricey valuations are justified.

The S&P 500 climbed 0.16% to close at 2,480.91, its first record close since July 26.

The S&P hasn't had a move of more than 0.5 percent since July and has fallen more than 1 percent only twice this year.

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The Nasdaq Composite was up 25.69 points, or 0.4 percent, at 6,377.25. Tyson Foods, one of the consumer staples sector's biggest boosts on the day, rose 5.7 percent after the No. 1 USA meat processor reported greater-than-expected quarterly profit and sales.

Energy stocks also fell along with the price of crude oil. "I think it's dragging the broader market higher", he said.

The S&P 500 has risen about 11 percent in 2017 despite investors losing confidence in President Donald Trump's ability to legislate his pro-growth agenda of tax cuts and infrastructure spending this year.

Apple rose as much as 1.91 percent to an all-time high and provided the biggest boost to all three major indexes.

Oil prices edged lower on Monday, sliding away from nine-week highs, as worries lingered over high production from OPEC and the United States.

Declining issues outnumbered advancers on the NYSE by 1,443 to 1,367. On the Nasdaq, 1,367 issues fell and 881 advanced.


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