IT&Software

Dow Jones hits intraday high notching its ninth straight record close

Dow Jones hits intraday high notching its ninth straight record close

The Dow closed at record highs all of last week thanks to stronger than expected earnings from key stocks like Apple, and it broke the 22,000 level on Wednesday.

"We've had an exceptional second-quarter earnings season which has given investors confidence", said Eric Wiegand, senior portfolio manager at US Bank Private Client Reserve.

Stocks opened the week on a positive note as the Dow notched its ninth consecutive record closing high and the S&P 500 posted a new record high for the first time since July 26, while the Nasdaq did not hit a record but still outpaced its peers for the day.

Nearly nothing happened today, but nothing hasn't been enough to keep the S&P 500 and Dow Jones Industrial Average from hitting news all-time highs. "There's no reason to be a seller yet and there's no reason to be a buyer at these levels as earnings season winds down and you don't have much in the way of economic news this week", said Robert Pavlik, chief market strategist at Boston Private Wealth in NY.

Trading volume is also expected to be relatively tepid with summer setting in and with the US Congress on vacation.

The Nasdaq Composite was up 25.69 points, or 0.4 percent, at 6,377.25.

Chicago Mayor to Sue Trump Administration over Sanctuary Cities
Chicago had 50 more homicides than NY and Los Angeles combined through mid-June, even though it is far less populous than both. Past year the city received $2.3 million in federal funding to fight its violent gun and homicide epidemic .


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

Shares of United Technologies were down 1.23 percent in premarket trading following a report that the company has submitted an offer to buy aircraft component manufacturer Rockwell Collins.

In earnings news, Tyson Foods jumped 5.7 percent after issuing an upbeat forecast.

Dean Foods slumped 19.18 percent after the largest USA dairy processor's quarterly results came in below estimates.

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.

The price of oil fell 1.4 percent, sending energy companies lower.


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