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S&P 500 Rides Energy, Health Care to Close at Record

Stock MarketsAug 03, 2021 04:09PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow closed near record highs Tuesday and the S&P 500 hit a new high, driven by rising energy and health care stocks.  

Dow Jones Industrial Average rose 0.8%, or 278 points, to close at 35,116.4, just shy of its closing high of 35,144.91. The S&P 500 added 0.8% to close at 4423.15, and the Nasdaq was up 0.6%.

Energy led the broader market higher, led by nearly 8% surge in the Pioneer Natural Resources (NYSE:PXD) after oil and gas reported quarterly earnings that fell just short of estimates, but its capital return strategy drew a positive reaction from Wall Street.

“PXD has significantly lagged peers Eog Resources/ConocoPhillips year to date following the DP acquisition, but the shift in the return of capital strategy is a step in the right direction on potentially recapturing some relative performance into year end,” Tudor, Pickering, Holt & Co. said in a note.

EOG Resources (NYSE:EOG) and ConocoPhillips (NYSE:COP) ended up more than 2%.

Industrials also supported the broader market melt up as airlines stocks pared losses despite concerns about the threat of the delta variant of Covid-19 global travel.

American Airlines (NASDAQ:AAL) fell 0.5%, while United and Alaska Air (NYSE:ALK) ended modestly lower.

The earnings front, meanwhile, served up mixed quarterly results.

Under Armour (NYSE:UAA) reported better-than-expected quarterly results and lifted its guidance for the full-year forecast, sending its share price more than 7% higher.  

Alibaba Group (NYSE:BABA) fell 1% after reporting second-quarter earnings that topped earnings, but revenue fell short as the e-commerce giant continues to ramp-up investment in growth opportunities.

In health care, Eli Lilly and Company (NYSE:LLY) ended nearly 4% higher after reporting mixed quarterly results as earnings of $1.87 fell just short of expectations but revenue of $6.74 billion topped estimates.

Large cap tech, with exception of Facebook continued to climb higher.

Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Amazon.com (NASDAQ:AMZN) were higher, while Facebook (NASDAQ:FB) was in the red.

In other news, Robinhood Markets (NASDAQ:HOOD) surged 24% to rise above its initial public offering price of $38 for the first time as ARK Invest’s Cathie Wood is understood to have been buying shares of the company.

S&P 500 Rides Energy, Health Care to Close at Record
 

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Comments (8)
Joel Omurwa
Joel Omurwa Aug 04, 2021 4:16AM ET
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I want to join and invest
Chandrakant Shah
Chandrakant Shah Aug 03, 2021 6:52PM ET
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Probably imposition of higher taxes on rich and corporates, as Biden has been repeatedly mentioning, could trigger big fall and much needed correction
New Jazenevd
New Jazenevd Aug 03, 2021 6:10PM ET
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The market will continue moving higher as long as new money created in excessive amounts, i.e. as long as present political regime persists. This is called asset inflation. This is real. Stock market assets are main recipients of the inflation.
Mitchel Pioneer
Mitchel Pioneer Aug 03, 2021 6:05PM ET
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Love it.  Rides the wave of criminal manipulation to a closing high.  No collapse in the final 30 minutes, unlike losses that magically vanish "in late trade."  New records of fraud for the biggest investment JOKE in history.
CHADWICK RICHINGTON
CHADWICK RICHINGTON Aug 03, 2021 5:51PM ET
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Prepare for the biggest crash since 1929
Dave Jones
Dave Jones Aug 03, 2021 5:14PM ET
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meme
Ibrahim Saleh
Ibrahim Saleh Aug 03, 2021 4:40PM ET
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Musa M Abdull
Musa M Abdull Aug 03, 2021 4:36PM ET
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hello
 
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