Dow ends at 5th straight record but misses 22,000 milestone
NEW YORK, United States (AFP) — The Dow surged to its fifth straight record close yesterday amid bullish investor sentiment following strong corporate earnings and ahead of Apple’s much-anticipated quarterly report.
The Dow Jones Industrial Average advanced 0.3 per cent to 21,963.92, after getting to within 10 points of hitting 22,000 for the first time.
The broad-based S&P 500 won 0.2 percent to end at 2,476.35, as did the tech-rich Nasdaq Composite Index which closed at 6,362.94.
Through July 28, companies in the S&P 500 earned 9.1 per cent more in the second quarter compared with the year-ago period, according to Factset.
Dow members Chevron, JPMorgan Chase and Verizon, all of which reported strong results, each gained at least one percent. Apple, which reports after the market closes Tuesday, advanced 0.9 per cent.
“It’s a continuation of the bullish momentum,” said Karl Haeling of LBBW. “Earnings are good.”
US economic data were mixed, however. A key measure of inflation was flat in June for the second straight month, while the annual rate declined.
Manufacturing activity continued to expand in July, but at a slightly slower pace than in June, according to the Institute for Supply Management.
General Motors lost 3.4 per cent and Ford 2.2 per cent as both reported steep drops in July US car sales as the auto market continued to cool.
Wireless company Sprint surged 11.2 per cent after reporting first-quarter net income of US$296 million, its first gain in three years.
Under Armour slumped 10.4 per cent as it slashed its sales forecast due to weaker activity in North America.
