Published: Wed, August 09, 2017
IT | By Jonathon Greene

S&P, Dow hit record highs as Apple, financials climb

S&P, Dow hit record highs as Apple, financials climb

USA stock index futures were slightly higher on Monday, building on a stellar run by the Dow industrials, which posted its eighth straight record closing high last week.

One of the main highlights was Dow Jones' ninth consecutive record high; trailing behind the index was S&P 500 who also manages to report record high closing figures all thanks to the relative strength that the tech sector provided.

The S&P 500 climbed 4.08 points, or 0.16 percent, to 2,480.91 and the Nasdaq Composite added 32.21 points, or 0.51 percent, to end at 6,383.77.

"But with earnings coming to a close, no major economic data and seasonality issues, trading volume is expected to be slightly diminished".

The S&P's consumer staples index, up 0.7 percent, and its technology index, up 0.6 percent were the benchmark's leading sectors on the day.

Meanwhile, investors will continue to closely track the second-quarter earnings season to see if pricey valuations are justified. The stock manages to soar by a whopping 28% after the announcement from the German-based Fresenius Medical Care Ag & Co.; they said that they are going acquire NxStage for around $2 billion in an effort to boost its kidney dialysis business.

Wal-Mart (WMT.N) shares were up almost 1%.

And on Tuesday, shares of Michael Kors jumped 20.31 percent after the retailer raised its full-year revenue forecast, while Ralph Lauren was up 9.79 percent following revenue and profit beat.

The Nikkei closed down 0.3 percent, also dragged down by tech giant SoftBank slipping into negative territory as it announced a dive in April-June net profit.

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

Advancing issues outnumbered decliners on the NYSE by 1,629 to 1,064.

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