Wall Street Ends Higher as Dow Edges to Latest Record
There’s no reason to be a seller yet and there’s no reason to be a buyer at these levels as earnings season winds down
and you don’t have much in the way of economic news this week," said Robert Pavlik, chief market strategist at Boston Private Wealth in New York.
Analysts, on average, expect S&P 500 earnings to have expanded 12 percent in the second quarter
and project earnings up 9.3 percent for the September quarter, according to Thomson Reuters I/B/E/S.
NEW YORK — The Dow edged up to its ninth record closing high in a row while the S&P ended slightly higher on Monday, with consumer
and technology sector gains offsetting losses in energy.
Yet trading volume was relatively light as investors had little reason to make big bets with the U. S. Congress
and President Donald Trump on vacation and a stronger-than-expected earnings season drawing to a close.
The S&P, which is up about 11 percent this year, is trading at 18 times expected earnings,
compared to its 10-year average of 14, according to Thomson Reuters Datastream.
The Dow Jones Industrial Average rose 25.61 points, or 0.12 percent, to close at 22,118.42.
Some investors were looking into underperforming sectors, including retail, anticipating a lift from in-store back-to-school
shopping, according to Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.