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

Posted August 09, 2017

The Dow Jones industrial average hit intraday and closing records on Monday, adding to last week's record-setting performance.

Seven of the 11 major S&P sectors were higher, with the financial index's 0.40 percent rise leading the advancers.

The S&P 500 climbed 0.16% to close at 2,480.91, its first record close since July 26.

Apple rose as much as 1.91 percent to an all-time high and provided the biggest boost to all three major indexes.

Tyson Foods rose 4.94 percent after the No.1 US meat processor reported better-than-expected quarterly profit and sales.

In earnings news, Tyson Foods jumped 5.7 percent after issuing an upbeat forecast.

Shares of United Technologies were down 1.84 percent following a report that the company had submitted an offer to buy aircraft component manufacturer Rockwell Collins.

The S&P hasn't moved more than 0.5 percent since July and has fallen more than 1 percent only twice this year.

Warren Buffett's Berkshire Hathaway was down 1.11 percent after the company reported a drop in second-quarter profit. For example, while the DJIA's historical average six-month return has been a gain of 3.53% with positive returns 65% of the time, the average six-month return following the end of the prior ten streaks was a gain of 4.57% (median: 6.63%) with gains 80% of the time.

Stocks are little changed in early trading as technology companies rise and energy companies slip with the price of oil.

According to Robert Pavlik of Boston Private Wealth, "We have a low-inflation environment, low-interest rates, and corporate earnings have come in incredibly well".

The Dow Jones industrial average lost 39 points, or 0.2 percent, to 22,079.

Second-quarter earnings have grown by 10.1 percent, exceeding S&P Capital IQ predicted earnings of 6.2 percent.