Gold, copper give stocks a slight lift
Traders work on the floor of the New York Stock Exchange last week. (July 19, 2013) Credit: Bloomberg News
Mining companies and banks helped the stock market overcome some disappointing quarterly performances Monday.
Poor second-quarter results from a handful of large U.S. companies weighed on stocks. McDonald's fell after it reported lower global sales and warned of a tough year ahead. Media company Gannett dropped after its revenues fell short of financial analysts' expectations.
But gold and copper prices boosted mining companies, and that helped nudge the market to another all-time high.
Investors are looking ahead at a busy week of corporate earnings. More than 150 companies in the Standard & Poor's 500 stock index are reporting quarterly earnings over the next four days.
For the most part, corporations have reported results that have beaten analysts' expectations, though there have been some big letdowns.
Gold gained $43.10, or 3.3 percent, to $1,336.40 an ounce, its biggest gain in more than a year. Copper rose 4 cents, or 1.3 percent, to $3.19 per pound.
The S&P 500 index rose 0.20 percent to 1,695.53 Monday. The index is at a record. The Dow Jones industrial average rose 1.81 points to 15,545.55. The Nasdaq composite climbed 0.36 percent to 3,600.39.
Sarra Sounds Off Ep. 35: EI baseball, girls lacrosse and plays of the week On the latest episode of "Sarra Sounds Off," we look at East Islip baseball's inspirational comeback story, Jared Valluzzi has the plays of the week and Tess Ferguson breaks down the top defensive players in girls lacrosse.
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