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The Dow registered yet another record high on Tuesday, stopping just short of attaining the psychological milestone of 22,000. This was its 31st record close that the blue-chip index breached this year. The stellar show can be attributed to splendid earnings from Goldman Sachs and 3M. The S&P 500 also finished in the green after shares of JP Morgan and Goldman Sachs rallied. The Nasdaq closed in the green as well due to an increase in the shares of Intel and positive earnings expectations from Apple which is due to report on Tuesday. All the gains have been earnings driven and it has been a great earnings season all around till now.
For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article.
The Dow Jones Industrial Average (DJIA) touched an all-time intraday high of 21,990.96, only 10 points short of the psychological 22,000 mark, earlier in the session. However, the blue-chip index pulled back to close at 21,963.92, also an all-time high, rising by 0.3% or 72.80 points in the process. The S&P 500 Index (INX) increased 0.2%, rising 6.05 points to close at 2,477.83. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 6,362.94, advancing 14.82 points or 0.2%. A total of around 6.2 billion shares were traded on Monday, above the last 20-session average of 6.1 billion shares. Advancing issues outnumbered decliners on the NYSE by 1,599 to 1,113. On the Nasdaq, decliners outnumbered advancers by 1,376 to 1,282.
Dow Hits Record for 31st Time in 2017
This marks the Dow’s sixth straight session of gains and second straight record finish. The index is riding high on upbeat earnings for most of its components and 3M (MMM - Free Report) and Goldman Sachs (GS - Free Report) contributed to most of its gains on this occasion. Moreover, a rise in bank shares and splendid earnings from JP Morgan (JPM - Free Report) has been instrumental for Dow’s stellar showing.
The blue-chip index’s good run has continued since February and it has increased 2.5% since, with Boeing (BA - Free Report) contributing about 300 points to the index. However, shares of Boeing declined 1.3% which is why Dow closed at 21,963.92. Dow’s stellar performance has been due to splendid earnings all around the season. Positive earnings for Chevron (CVX - Free Report) and Intel Corp. (INTC - Free Report) have also contributed significantly towards the performance. For the record, shares of Intel rose 2.5% on Tuesday.
Nasdaq and S&P 500 Post Good Performances
Seven of the S&P 500’s eleven major sectors closed higher, led by the financials sector, followed by utilities and technology stocks. The Financials Sector SPDR (XLF), the Utilities Sector SPDR (XLU) and the Technology Sector SPDR (XLK) increased 0.7%, 0.6% and 0.5% respectively. Shares of JP Morgan rose 1.3% while Goldman Sachs gained 0.7%. These shares contributed the bulk of the gains for the sector. Moreover, the rise in tech stocks has been due to an increase in the shares of Intel, which rose 2.5% on Tuesday.
Most of the Nasdaq’s gains came from shares of Intel which shot up 2.5% on Tuesday because of a rally in tech stocks. Positive earnings expectations from Apple (AAPL - Free Report) which was due to report Tuesday after the close also fueled gains.. Further, Fed’s hesitance to increase the interest rates any further has boosted the broader markets.
Economic Data
As per Bureau of Economic Analysis, personal income came in flat in June against the consensus estimate of 0.4% increase. As per the Commerce Department, consumer spending increased 0.1% in June following a 0.2% gain in May. The increase was in line with the consensus estimate.
However, the PCE price index showed no percentage change from the previous two months. The PCE price index recorded an increase of 1.5% excluding food and energy. Core PCE Inflation reported an increase of 0.1% which was in line with the consensus estimate.
The ISM manufacturing index declined from 57.8% in June to 56.3% in July. However, this was higher than the consensus estimate of 56.2%.
Shares of Big 5 Sporting Goods Corp. (BGFV - Free Report) slumped in after-hours trading session following the lower-than-expected top-line results in second-quarter 2017 and a soft comps outlook for the third quarter. (Read More)
Upstream energy company EOG Resources Inc. (EOG - Free Report) reported second-quarter 2017 adjusted earnings, missing the Zacks Consensus Estimate. (Read More)
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future. Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>
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Stock Market News For August 02, 2017
The Dow registered yet another record high on Tuesday, stopping just short of attaining the psychological milestone of 22,000. This was its 31st record close that the blue-chip index breached this year. The stellar show can be attributed to splendid earnings from Goldman Sachs and 3M. The S&P 500 also finished in the green after shares of JP Morgan and Goldman Sachs rallied. The Nasdaq closed in the green as well due to an increase in the shares of Intel and positive earnings expectations from Apple which is due to report on Tuesday. All the gains have been earnings driven and it has been a great earnings season all around till now.
For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article.
The Dow Jones Industrial Average (DJIA) touched an all-time intraday high of 21,990.96, only 10 points short of the psychological 22,000 mark, earlier in the session. However, the blue-chip index pulled back to close at 21,963.92, also an all-time high, rising by 0.3% or 72.80 points in the process. The S&P 500 Index (INX) increased 0.2%, rising 6.05 points to close at 2,477.83. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 6,362.94, advancing 14.82 points or 0.2%. A total of around 6.2 billion shares were traded on Monday, above the last 20-session average of 6.1 billion shares. Advancing issues outnumbered decliners on the NYSE by 1,599 to 1,113. On the Nasdaq, decliners outnumbered advancers by 1,376 to 1,282.
Dow Hits Record for 31st Time in 2017
This marks the Dow’s sixth straight session of gains and second straight record finish. The index is riding high on upbeat earnings for most of its components and 3M (MMM - Free Report) and Goldman Sachs (GS - Free Report) contributed to most of its gains on this occasion. Moreover, a rise in bank shares and splendid earnings from JP Morgan (JPM - Free Report) has been instrumental for Dow’s stellar showing.
The blue-chip index’s good run has continued since February and it has increased 2.5% since, with Boeing (BA - Free Report) contributing about 300 points to the index. However, shares of Boeing declined 1.3% which is why Dow closed at 21,963.92. Dow’s stellar performance has been due to splendid earnings all around the season. Positive earnings for Chevron (CVX - Free Report) and Intel Corp. (INTC - Free Report) have also contributed significantly towards the performance. For the record, shares of Intel rose 2.5% on Tuesday.
Nasdaq and S&P 500 Post Good Performances
Seven of the S&P 500’s eleven major sectors closed higher, led by the financials sector, followed by utilities and technology stocks. The Financials Sector SPDR (XLF), the Utilities Sector SPDR (XLU) and the Technology Sector SPDR (XLK) increased 0.7%, 0.6% and 0.5% respectively. Shares of JP Morgan rose 1.3% while Goldman Sachs gained 0.7%. These shares contributed the bulk of the gains for the sector. Moreover, the rise in tech stocks has been due to an increase in the shares of Intel, which rose 2.5% on Tuesday.
Most of the Nasdaq’s gains came from shares of Intel which shot up 2.5% on Tuesday because of a rally in tech stocks. Positive earnings expectations from Apple (AAPL - Free Report) which was due to report Tuesday after the close also fueled gains.. Further, Fed’s hesitance to increase the interest rates any further has boosted the broader markets.
Economic Data
As per Bureau of Economic Analysis, personal income came in flat in June against the consensus estimate of 0.4% increase. As per the Commerce Department, consumer spending increased 0.1% in June following a 0.2% gain in May. The increase was in line with the consensus estimate.
However, the PCE price index showed no percentage change from the previous two months. The PCE price index recorded an increase of 1.5% excluding food and energy. Core PCE Inflation reported an increase of 0.1% which was in line with the consensus estimate.
The ISM manufacturing index declined from 57.8% in June to 56.3% in July. However, this was higher than the consensus estimate of 56.2%.
Stocks That Made Headlines
Big 5 Sporting Q2 Earnings Beat, Slumps on Sales Lag
Shares of Big 5 Sporting Goods Corp. (BGFV - Free Report) slumped in after-hours trading session following the lower-than-expected top-line results in second-quarter 2017 and a soft comps outlook for the third quarter. (Read More)
Frontier Communications Q2 Loss Narrower than Expected
Frontier Communications Corp. reported mixed financial results in the second quarter of 2017. (Read More)
EOG Resources Earnings Miss & Revenues Beat in Q2
Upstream energy company EOG Resources Inc. (EOG - Free Report) reported second-quarter 2017 adjusted earnings, missing the Zacks Consensus Estimate. (Read More)
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future. Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>