S&P closes with record in wary market
The focus of investors was returning to earnings, with hundreds of U.S. companies set to report quarterly results the week of July 21, 2014. Many of the U.S. earnings reports have been positive so far. Credit: AP / Richard Drew
Stocks were mixed at the close of trading Wednesday as investors looked over a mixed batch of corporate earnings and warily watched global events. Still the meager gains were enough to give the Standard & Poor's 500 index another record close.
At the end of the day on Wall Street, the S&P 500 was up 3.5 points, or nearly 0.2 percent, at 1,987, two points higher than its last record close on July 3. The Dow Jones industrial average fell nearly 27 points, or nearly 0.2 percent, to 17,086.6. The Nasdaq composite rose 17.7 points, or 0.4 percent, to 4,473.7.
Apple shares surged to the highest since 2012 after the company signaled that the wait for new products is nearing an end. The surge gave the Nasdaq a boost.
Boeing sank 2.3 percent, dragging on the Dow, as a cost for a tanker rekindled concern the aircraft manufacturer would struggle with a new program.
The underlying current, however, was events in the Ukraine and Israel.
Investors watched developments in Ukraine, where the Defense Ministry Wednesday said rebels in the eastern part of the country downed two government fighters.
The European Union Tuesday threatened to restrict Russia's access to capital markets and sensitive energy and defense technologies unless President Vladimir Putin expedites a probe into the downing of the Malaysia Airlines passenger jet.
In the Middle East, the U.S. Federal Aviation Administration extended a ban on U.S. air carriers landing in Israel, and U.S. Secretary of State John Kerry met with Israel Prime Minister Benjamin Netanyahu in pursuit of an elusive peace for the region.
Reports from The Associated Press and Bloomberg News were used in this story.
