Tech shares lead Dow to another record high

Tech shares lead Dow to another record high

Tech shares lead Dow to another record high

Aug 7 (Reuters) - U.S. stocks were slightly up in early afternoon trading on Monday, with the Dow on track to close at a record high for the ninth straight day, after squeezing out another all-time high just after the open.

The S&P rose 0.2 percent to break its previous high of 2,484.04, its first record close since July 26.

Banks and technology stocks were among the big gainers Tuesday, offsetting losses among health care and consumer-focused companies.

In no particular order, here are seven Dow Jones stocks that will push the average to 25,000. Strangely, this is not the longest streak of new highs this year-nor have such streaks been a bad sign for the market.

Warren Buffett's Berkshire Hathaway was down 1.11 percent after the company reported a drop in second-quarter profit.

JPMorgan Chase rose 1.1 percent and Texas Instruments rose 1.6 percent. Henry Schein lost 5.1 percent and Microsoft lost 0.6 percent.

The energy sector led the laggards with a 0.9 percent drop as oil prices edged lower on a rebound in production from Libya's largest oil field, along with worries about higher output from OPEC and the United States.

The S&P hasn't moved more than 0.5 percent since July and has fallen more than 1 percent only twice this year.

Shanghai stocks were little changed despite the disappointing Chinese trade data. The Nasdaq composite gave up 13 points, or 0.2 percent, to 6,369.

According to Robert Pavlik of Boston Private Wealth, "We have a low-inflation environment, low-interest rates, and corporate earnings have come in incredibly well".

Benchmark U.S. crude oil fell 1.4 percent and Anadarko Petroleum lost 1.1 percent.

The Dow Jones industrial average lost 7 points to 22,085.

The S&P 500 has risen about 11 percent in 2017 despite investors losing confidence in President Donald Trump's ability to legislate his pro-growth agenda of tax cuts and infrastructure spending this year.

Latest News