Market Roundup: Both the Dow and S+P 500 Reach Record Highs

Money Talks Radio Show - Atlanta, GA

While the Large-Cap indices reached new highs during the week, the tech-heavy NASDAQ had the best week, climbing more than 2.50%. The major indices closed with mixed moves on Monday, as the Dow Jones Industrial Average ended fractionally in the red zone, and the S+P 500 Index and NASDAQ posted gains. Technology sector stocks led the rally. The markets experienced mixed moves on Tuesday with the Dow and NASDAQ closing higher while the S+P 500 ended slightly down. Crude oil climbed 1.4% to settle at $45.04 a barrel after the Energy Information Administration cut its price forecasts over the next two years. Midweek, Federal Reserve Chairwoman Janet Yellen addressed a slowdown in inflation, which resulted in a rally in both stocks and bonds. The rally continued Thursday with the Dow closing at a new record level. Retail store stocks jumped up on optimistic earnings from several well-known brands, despite reports that retail sales fell 0.2% in June, indicating consumers have apparently curtailed their spending. On another note, the Department of Labor reported that initial jobless claims fell by 3,000 to 247,000 for the week ending July 7. The Dow traded up, setting another new record level on Friday. In earnings moves, several large bank stocks reported stronger-than-anticipated quarterly results. Finally, in a preliminary reading from the University of Michigan, the Consumer Sentiment index dipped to 93.1 for July from 95.1 in June.