Dow, S&P Hit New Highs But Pare Gains; Tesla Leads Autos Higher
- Author: Delia Davidson Aug 09, 2017,
Aug 09, 2017, 0:06
The Nasdaq Composite was up 25.69 points, or 0.4 percent, at 6,377.25.
The S&P 500 climbed 0.3% and - in a matter of significance for chart readers - moved past a sideways range that had persisted for almost two weeks.
Stocks are edging higher in midday trading as gains by technology and consumer-focused companies outweigh losses in the banking and energy sectors.
SeaWorld Entertainment plunged as much as 18.44 percent to a record low after the theme park company's quarterly revenue missed expectations.
Wal-Mart shares were up nearly 1 percent. Anadarko Petroleum lost 1.1 percent.
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.
Analysts, on average, expect S&P 500 earnings to have expanded 12 percent in the second quarter and project earnings up 9.3 percent for the September quarter, according to Thomson Reuters I/B/E/S.
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Shanghai stocks were little changed despite the disappointing Chinese trade data. It is ending the session up 4.08 points or 0.16% to 2480.91.
Benchmark U.S. crude oil fell 1.4 percent and Anadarko Petroleum lost 1.1 percent.
Medical device company NxStage Medical jumped 28.5 percent after it agreed to be bought by Fresenius Medical Care for $30 a share, or $1.97 billion.
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.
The Dow Jones industrial average lost 39 points, or 0.2 percent, to 22,079.