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Market Roundup: Favorable Earnings Boost S+P to New Highs
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The financial markets closed Monday mixed with the Dow Jones Industrial Average and S+P 500 Index ending fractionally down while the NASDAQ added slight gains. Indices experienced mixed moves again on Tuesday with the S+P 500 and NASDAQ trading to new record highs while the Dow shed some points. New record highs were reached again on Wednesday as merger talks boosted several stocks. In economic news, housing starts jumped up in June, with new construction rising to a rate of 1.22 million annualized units, exceeding analysts’ expectations of 1.16 million annualized units. This is also up from a revised rate of 1.12 million annualized units in May. Crude oil prices increased after Energy Information Administration data showed oil reserves fell by 4.7 million barrels in the past week, versus forecasts for a decline of 3.2 million. The indices were back to trading with mixed moves on Thursday. The Dow and S+P 500 shed some points while the NASDAQ hit another record high. Despite the mixed week and record highs, Friday’s trading session ended in red territory. Year-to-date, the tech-heavy NASDAQ leads the way as it surges toward a 20.0% gain, followed by the S+P 500 and then the Dow. Low inflation may be influencing investors to move away from Treasuries, as yields fell sharply last week.
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