S&P Hits New Record
The S&P 500 ticked higher on Thursday after Alphabet’s latest quarterly results came in better than expected.
The Dow Jones Industrial Average flopped 217.53 points, to begin Thursday at 44,792.76, bogged down by shares of IBM slipping 10% after its second-quarter software revenue missed expectations.
The S&P 500 index forged ahead 2.64 points to 6,361.55, another intraday high.
The NASDAQ slid 10.89 points to 21,009.13, Alphabet advanced almost 2% after posting a second-quarter earnings and revenue beat.
Along with IBM, gains were kept in check by declines in Tesla, which fell 7% after auto revenue fell for a second straight quarter.
Investors also turned their attention to the ongoing feud between President Donald Trump and the Federal Reserve.
The White House said that President Donald Trump will visit the Fed on Thursday, escalating his pressure campaign against Chairman Jerome Powell.
This is the first time in nearly two decades that an American president will make an official trip to the central bank.
Stocks were also helped by a Financial Times report that the U.S. was inching closer to a trade deal with the European Union. Bloomberg confirmed the progress, citing diplomats briefed on the talks. This trade deal would raise tariffs to 15% on imports from the EU.
Prices for the 10-year treasury dipped, raising yields to 4.41% from Wednesday’s 4.37%. Treasury prices and yields move in opposite directions.
Oil prices gained 68 cents to $65.93 U.S. a barrel.
Gold prices handed back $43.20 to $3,400.50 U.S. an ounce.
