Arab Today, arab today sp 500 closes at record high for 3rd straight day despite lackluster data
Last Updated : GMT 08:52:09
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S&P 500 closes at record high for 3rd straight day despite lackluster data

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Arab Today, arab today S&P 500 closes at record high for 3rd straight day despite lackluster data

New York - XINHUA

U.S. stocks eked out small gains on Monday, sending the S&P 500 to a fresh all-time closing high for a third consecutive day despite disappointing economic data and corporate earnings. About a third of S&P 500 companies are scheduled to report earnings this week, plus eight Dow components such as AT&T and Boeing. The Dow Jones Industrial Average edged up 1.81 points, or 0.01 percent, to 15,545.55 points. The S&P 500 added 3.44 points, or 0. 20 percent, to 1,695.53 points. The Nasdaq Composite Index gained 12.78 points, or 0.36 percent, to 3,600.39 points. The Dow and S&P 500 logged a four-week winning streak last Friday. Dow component McDonald\'s reported worse-than-expected earnings before Monday\'s opening bell to usher in the busiest week in the second-quarter earnings season. The fast food chain made a net income of 1.40 billion U.S. dollars, or 1.38 dollars per share, on revenues of 7.08 billion dollars in the second quarter. The results were better than its year-ago numbers but missed analysts\' expectations of earning 1.40 dollars per share on revenues of 7.1 billion dollars. Shares of McDonald\'s sank 2.67 percent to 97.59 dollars per share. Shortly after the closing bell, Netflix posted its earnings per share of 0.49 dollar which beat analysts\' forecast of 0.40 dollar and a revenue of 1.07 billion dollar right in line with market estimates. The video rental company shares tumbled in after-hours trading mainly due to its wide-range guidance on the third-quarter earnings. Meanwhile, Apple\'s report scheduled for Tuesday is expected to be a spotlight of the market. Analysts expected the tech giant to drop more than 21 percent in its quarterly profit and gain 0.2 percent in revenue. On the economic front, U.S. existing-home sales declined in June, according to the National Association of Realtors, missing market expectations. Total existing-home sales dipped 1.2 percent to a seasonally adjusted annual rate of 5.08 million in June. \"A pull-back in existing home sales could be a sign that recent spikes in mortgage rates started to take a toll on sales. Also, higher prices combined with limited supply could also reduce buyers\' appetite. In short, the increasing momentum of the housing market is still sensitive to mortgage rates, which are a key factor for affordability,\" Mei Li, an economic analyst at FTN Financial commented in a note on Monday. Moreover, the Chicago Fed National Activity Index, a monthly index designed to gauge overall economic activity and related inflationary pressure, stood at minus 0.13 in June, up from minus 0.29 in May. Readings below zero typically imply below-trend national economic activity and subdued inflationary pressure over the coming year. On other markets, the U.S. dollar weakened against major currencies on Monday after Japan\'s Liberal Democratic Party led by Prime Minister Shinzo Abe won the parliament\'s upper house election. The dollar also retreated against the euro to a month low as Portuguese President Anibal Cavaco Silva said the current government will stay in office to secure international bailout. In late New York trading, the euro rose to 1.3190 dollars from 1.3136 dollars of the previous session. The dollar bought 99.58 Japanese yen, lower than 100.24 yen of the previous session. U.S. oil price dropped Monday. Light, sweet crude for August delivery lost 1.14 dollars, to settle at 106.91 dollars a barrel on the New York Mercantile Exchange. Brent for September delivery went up 8 cents, to close at 108.15 dollars a barrel. Gold futures ended above 1,300 U.S. dollars an ounce in nearly five weeks, supported by expectations for more demand from China and a decline in the dollar. The most active gold contract for August delivery rose 43.1 dollars, or 3.33 percent, to settle at 1,336.0 dollars per ounce.

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