Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

S&P 500 closes at record high as Apple, healthcare stocks help shrug off Delta worries

Stock MarketsAug 03, 2021 07:55PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly

By Echo Wang

NEW YORK (Reuters) - The S&P 500 index closed at record high on Tuesday on gains in Apple and healthcare stocks, despite concerns over a surge in the Delta variant of the coronavirus taking some shine off an upbeat corporate earnings season.

Ten of the 11 S&P indexes traded higher, with energy stocks rebounding after getting hit by a dip in oil prices.

“Even though the pandemic is still with us in certain places where there are pockets of this and that, the broad shutdowns of economies are not going to happen. And I think it demonstrates that consumption patterns are super strong, which is the underlying factor that really keeps markets up,” said Jamie Cox, managing partner at Harris Financial Group in Richmond, Virginia.

Apple Inc (NASDAQ:AAPL) rose 1.26% after sliding last week. Other heavyweight technology stocks, including Netflix Inc (NASDAQ:NFLX), Tesla (NASDAQ:TSLA) Inc and Facebook Inc (NASDAQ:FB), continued to edge lower, capping gains on the tech-heavy Nasdaq.

A clutch of U.S. companies, including industrial materials maker Dupont and Discovery (NASDAQ:DISCA) Inc, reported better-than-expected quarterly results, but their shares fell as investors booked profits amid lofty stock valuations.

A deepening regulatory scrutiny in China has sent jitters through the global technology sector.

Shares in U.S.- and European-listed gaming companies fell after a steep sell-off in China's social media and video games group Tencent, driven by fears the sector could be next in regulators' crosshairs.

"Grand Theft Auto" creator Take-Two (NASDAQ:TTWO) Interactive Software Inc plunged 7.71% after it issued a disappointing sales forecast.

The Dow Jones Industrial Average rose 278.24 points, or 0.8%, to 35,116.4, the S&P 500 gained 35.99 points, or 0.82%, to 4,423.15 and the Nasdaq Composite added 80.23 points, or 0.55%, to 14,761.30.

The S&P 500's previous record closing high was 4,422.30.

Data on Tuesday showed U.S. factory orders rose 1.5% in June after a 2.3% increase in the previous month. Economists polled by Reuters had expected a rise of 1% in June.

Later in the week, focus will shift to data on the U.S. services sector and the monthly jobs report for July.

In M&A-driven moves, Translate Bio (NASDAQ:TBIO) surged 29.23%after France's Sanofi (NASDAQ:SNY) agreed to buy the U.S. biotech company in a $3.2 billion deal.

Under Armour Inc (NYSE:UAA) and Ralph Lauren Corp (NYSE:RL) jumped 6.19% and 6.13% respectively after raising their annual revenue forecasts.

Overall, earnings at S&P 500 firms are estimated to have climbed about 90% in the second quarter versus forecasts of 65.4% at the start of July, according to IBES data from Refinitiv.

“The earnings reports continue to come in very strong or stronger than people expect, which leads me to believe that people are underestimating the strength of recovery,” said Cox.

Volume on U.S. exchanges was 9.28 billion shares, compared with the 9.73 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favored decliners.

The S&P 500 posted 70 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 91 new highs and 117 new lows.

S&P 500 closes at record high as Apple, healthcare stocks help shrug off Delta worries
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (10)
William Bailey
William Bailey Aug 03, 2021 8:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Debt ceiling !!! Tresuries nearly sold out ….. no more free credit for billionaires
William Bailey
William Bailey Aug 03, 2021 8:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
One misstep and it all crumbles like a sand castle
Eudon Hickey
Eudon Hickey Aug 03, 2021 2:42PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wow, What about the dominion voting machines whistle blower, explain “all the tricks”, on video?
Lex Wild
Lex Wild Aug 03, 2021 2:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I'm in worries about the Delta Variant ok i buy Apple ;-)
perplexed76 .
perplexed76 . Aug 03, 2021 1:42PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
agony of gamblers
Mitchel Pioneer
Mitchel Pioneer Aug 03, 2021 1:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The breaker trips at 10AM, and the "buying" frenzy continues until the laughingstock of the financial world gets to 35K, when the "buying" magically stops.  Flagrantly manipulated, fraudulent joke.  "Beat" the criminally rigged, low-ball "estimate" is on a roll as usual.
David Keller
David Keller Aug 03, 2021 1:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Interested to more earnings report for some of the large/megacaps to better forecast economic prospects for Q4...
Chris Garcia
Chris Garcia Aug 03, 2021 12:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Buy Apple before it breaks $150 cause we’re about to go on an epic run! 🚀
Me comment
Me comment Aug 03, 2021 12:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
stale news
Rushikesh Rithe
Rushikesh Rithe Aug 03, 2021 10:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Monday and tuesday is for DELTA var & Wednesday and thursday is for Inflation & friday is for Jobless claim! Markets will boom!
Chris Johnson
Chris Johnson Aug 03, 2021 10:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You mean it will go down? Because numbers might disapoint...
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email