The News Bee

Dow: New high for second straight session

Dow: New high for second straight session

Stocks ended mixed Tuesday as the Dow Jones industrial average notched a record closing high for the second straight session Energy stocks were the big losers as oil prices fell for a third straight day. U.S. benchmark crude dropped 3.7% to $57.23 a barrel. The Dow Jones industrial average ended up 0.1% to 18,312.39, after earlier hitting a new all-time intraday high of 18,351.36. The Standard & Poor’s 500 index finished down 0.1% to 2127.83, retreating slightly from the previous day’s record closing high of 2129.20. The Nasdaq composite index ended down 0.2% to 5070.03.GTY 460807224 A FIN MAX USA NY

Walmart was the worst-performing Dow component as the world’s largest retailer reported earnings and sales that fell short of Wall Street estimates. The retailer cited higher wages for workers and a stronger dollar for hurting profits. Shares tumbled 4.4%. In contrast to Walmart, home improvement retailer Home Depot (HD) posted earnings and revenue that beat Wall Street expectations as sales rose 6.1%. The home improvement retailer also raised its outlook and cited the continued recovery of the U.S. housing market for its strong start to the year. Despite the beat, shares lost 1.7%.

In another sign of housing strength, the government reported that housing starts surged to an 8-year high, jumping 20% in April from the month before. Global stocks rallied Tuesday after Wall Street hit record highs on Monday. Japan’s Nikkei 225 index gained 0.7% and Hong Kong’s Hang Seng index rose 0.4%. The Shanghai Composite surged 3%. European shares jumped as Germany’s DAX index gained 2.1% and France’s CAC 40 index jumped 2.1%.

Monday, stocks rose to record highs in large part to the idea that a coming interest rate hike from the Federal Reserve will likely come later this year, coupled with companies continuing to buy back their own shares and use cash to other acquire companies, said Quincy Krosby, market strategist at Prudential Financial.

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