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Business

Stocks rise to records, despite rare stumble for tech

Specialist Anthony Confusione on the floor of the

Specialist Anthony Confusione on the floor of the NYSE, Monday, July 24, 2017. Credit: AP / Richard Drew

U.S. stock indexes returned to records Tuesday as corporate profits continue to come in better than analysts expected.

McDonald’s and Caterpillar were among the big companies that reported healthier-than-forecast results. Sharp moves higher in prices for oil, metals and other commodities also helped lift companies that produce energy and raw materials.

Those gains more than offset losses for health care companies and stocks that pay relatively big dividends, which were hurt by a rise in Treasury yields.

The Standard & Poor’s 500 rose 0.29 percent, to an all-time high of 2,477.13. It was the first gain for the index in four days.

The Nasdaq composite inched up 0.02 percent to 6,412.17, and the Russell 2000 index of small-cap stocks rose 0.86 percent to 1,450.39.

Both the Nasdaq and Russell set records.

The Dow Jones industrial average rose 100.26 points to 21,613.43.

Leading the way for the market were energy stocks, which benefited from a second strong day for the price of oil. Benchmark U.S. crude rose $1.55 to settle at $47.89 per barrel. Brent crude, the international standard, gained $1.60, or 3.3 percent, to $50.71 a barrel.

The yield on the 10-year Treasury note climbed to 2.32 percent from 2.26 percent late Monday. — AP

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