US Stocks Rise as Dow Posts Ninth Straight Record Close

US Stocks Rise as Dow Posts Ninth Straight Record Close

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.

The Dow Jones Industrial Average rose 2.74 points, or 0.01 percent, to 22,095.55. Buying appetite was seen cooling in early trade after the S&P 500 index and the Dow ended at fresh records on Monday, with some investors expressing concerns about lofty equity valuations. The Nasdaq Composite Index was up 32.21 points, or 0.51 percent, to 6,383.77. Health care and technology companies were among the biggest decliners, outweighing gains in utilities stocks.

Shares of Michael Kors jumped 17 percent after the retailer raised its full-year revenue outlook. While the German DAX Index fell by 0.3%, the French CAC 40 Index inched up by 0.1 and the UK's FTSE 100 Index rose by 0.3%.

The Dow and S&P 500 ended at fresh records on Monday (Aug 7) as a strong second-quarter earnings season continued to attract more funds to the United States equity market.

According to data from FactSet last week, earnings in the second quarter grew 10.1 per cent for the S&P 500, higher than the estimated earnings growth rate of 6.4 per cent. Brent crude, the worldwide standard, lost 28 cents to $52.09 a barrel in London.

Marvin Lewis 'Taking Time Away' From Bengals to Deal With Health Issue
During his time with the team, Lewis has compiled a record of 118-103-3 and he has guided Cincinnati to the playoffs seven times. Bengals head coach Marvin Lewis is taking time off for a "minor health issue", the team said Tuesday.

Bond prices didn't move much.

Energy stocks were on the other end of the spectrum. Heating oil fell 1 cent to $1.63 a gallon.

Markets have been boosted in recent weeks by robust second-quarter earnings, and the strong July employment report on Friday added to the positive sentiment. Silver gained 14 cents to $16.39 an ounce.

CURRENCIES: The U.S. dollar weakened to 110.35 yen from 110.72 yen late Monday.

Meanwhile, the major European markets turned in a mixed performance on the day. Henry Schein was down $9.05, or 4.9 percent, to $174.74. Hong Kong's Hang Seng added 0.6 percent.

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