Wall Street ends higher as Dow edges to latest record

Todd Singleton
August 9, 2017

US stock index futures were slightly higher on Monday, building on a stellar run by the Dow industrials, which posted its eighth straight record closing high last week.

At 12:38 p.m. ET (1638 GMT), the Dow Jones Industrial Average was up 24.61 points, or 0.11 percent, at 22,117.42, the S&P 500 was up 2.04 points, or 0.08 percent, at 2,478.87.

Avis Budget Group fell 5.84% as the auto rental company's second-quarter profit missed expectations and the company cut its full-year profit view.

Banks and technology stocks were among the big gainers Tuesday, offsetting losses among health care and consumer-focused companies.

Apple rose 1.4 percent, and Wal-Mart climbed 1 percent.

"New record highs were registered last week as the flow of earnings continued positive with major corporations offering positive guidance going forward", said Peter Cardillo, chief market economist at First Standard Financial.

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

The Nikkei closed down 0.3 percent, also dragged down by tech giant SoftBank slipping into negative territory as it announced a dive in April-June net profit.

Stocks are little changed in early trading as technology companies rise and energy companies slip with the price of oil.

In Europe, London's commodities-heavy FTSE 100 index of major blue-chip firms stocks ended the day with a 0.1 percent gain. The Nasdaq rose 27 points, or 0.4 percent, to 6,378.

According to Robert Pavlik of Boston Private Wealth, "We have a low-inflation environment, low-interest rates, and corporate earnings have come in incredibly well".

Second-quarter earnings have grown by 10.1 percent, exceeding S&P Capital IQ predicted earnings of 6.2 percent.

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