S&P Narrowly Reaches New Record High

Published July 22, 2013

| FOXBusiness

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The broad S&P 500 drifted up to a new closing high on Monday as traders parsed through mixed earnings and disappointing housing data.

Today's Markets 

According to preliminary calculations, the Dow Jones Industrial Average rose 1.7 points, or 0.01%, to 15546, the S&P 500 climbed 3.4 points, or 0.2%, to 1695 and the Nasdaq Composite advanced 12.8 points, or 0.376, to 3600.

The broad S&P 500 closed out last week at a record high as traders responded to upbeat earnings, encouraging data and dovish Federal Reserve commentary. Earnings season revs up into high gear this week, with two-thirds of S&P components due to report. 

McDonald's (MCD) revealed second-quarter profits and revenues that missed analysts expectations, sending shares of the world's biggest burger chain sliding. Indeed, the poor performance shaved close to 20 points from the Dow's overall performance. UBS (UBS) surprised analysts with stronger-than-expected profits, even as the Swiss bank was hit with a big charge for legal settlements. Halliburton (HAL), the oilfield-servicing giant, also revealed better-than-expected quarterly results. 

Texas Instruments (TXN) and Netflix (NFLX) post after the closing bell in New York. 

On the economic front, the National Association of Realtors said sales of existing single-family homes fell 1.2% in June to an annual rate of 5.08 million units, missing expectations of a 5.25-million-unit rate. Still, NAR said distressed sales fell to 15%, the lowest rate since records began in 2008. The housing market has been recovering, but the moves have been choppy. 

Elsewhere, gold prices rallied. The benchmark contract jumped $24.10, or 1.9%, to $1,318 a troy ounce. U.S. oil gained 42 cents, or 0.39%, to $108.45 a barrel. Wholesale New York Harbor gasoline dipped 0.42% to $3.11 a gallon. 

Foreign Markets

The Euro Stoxx 50 rose 0.29% to 2724, the English FTSE 100 dipped 0.06% to 6631 and the German DAX climbed 0.05% to 8336.

In Asia, the Japanese Nikkei 225 gained 0.47% to 14658 and the Chinese Hang Seng edged up by 0.08% to 21362.

 

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http://www.foxbusiness.com/markets/2013/07/22/sp-narrowly-reaches-new-record-high/