S&P 500 at fresh record; Dow snaps winning streak
In this Wednesday, Oct. 8, 2014, photo, American flags fly in front of the New York Stock Exchange. The S&P 500 edged up to a fresh record, while the Dow ended a seven-day winning streak as equity markets largely shrugged off new political instability in Greece. AP PHOTO/MARK LENNIHAN
NEW YORK–The S&P 500 edged up to a fresh record, while the Dow ended a seven-day winning streak as equity markets largely shrugged off new political instability in Greece.
The broad-based S&P 500 gained 1.80 points (0.09 percent) at 2,090.57, marking its second record close in a row.
The Dow Jones Industrial Average dipped 15.48 (0.09 percent) to 18,038.23, while the tech-rich Nasdaq Composite Index was essentially flat, gaining a scant 0.05 point at 4,806.91.
Stock markets in Britain, France and Germany rallied into positive territory after initially falling on news that Greece was headed for snap polls after the parliament failed to elect a leader for the third time, raising uncertainty about the country’s economic reforms under an international rescue program.
“We saw some potential negatives for markets coming from Greece, but it seems mostly isolated to Greece and Europe specifically,” said David Levy, portfolio manager at Kenjol Capital Management.
“There is little news coming to the market in a thinly traded market.”
General Motors jumped 2.6 percent after Cars.com forecast the US auto giant’s sales jumped 10 percent in December compared with a year ago, part of a strong industry-wide showing due in part to low gasoline prices.
Ford Motor gained 0.5 percent. Cars.com projected Ford’s sales rose 3.8 percent.
Manitowoc, which operates cranes and foodservice equipment businesses, jumped 8.9 percent after activist Carl Icahn took about an eight percent stake in the company and said he would push to break it in two.
Biotech company Gilead Sciences gained 3.7 percent as it announced an agreement with Janssen to develop and commercialize a new regimen for HIV treatment. Gilead will initiate clinical studies in the European Union in the coming months.
Walgreens advanced 0.4 percent after shareholders approved its $16 billion takeover of European rival Alliance Boots to create a global leader in the drugstore business.
Bond prices rose. The yield on the 10-year US Treasury fell to 2.21 percent from 2.25 percent Friday, while the 30-year dropped to 2.78 percent from 2.81 percent. Bond yields and prices move inversely.
