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Close Update: Dow Climbs to Record, Outpaces Other Indexes; S&P 500, Nasdaq Slip


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The Dow Jones Industrial Average closed at a record high, boosted by Intel ( INTC ) and shares of industrial companies, while the rest of the market's key gauges slipped.

Intel helped the Dow as it reversed losses on Monday when analysts warned that its battle with Advanced Micro Devices could become expensive. The S&P 500 slipped 0.04%, while the Nasdaq Composite Index ended about 0.5% lower.

Industrial stocks Caterpillar ( CAT ) and 3M ( MMM ) also boosted the Dow as the US and Canada reached a preliminary trade deal to keep intact the three-way trade bloc with Mexico.

While the peace in North American trade was viewed as positive, there is still anxiety over US-China trade relations and their economic impact.

Some markets were held back by worries over the financial situation in Italy after comments from a legislator who said that the nation's woes could be solved if it had its own currency. Although Claudio Borghi tried to backtrack from his comments, damage in some markets was already done. The Italian ruling coalition has proposed running a deficit, which has upset the European Union and set up a potential showdown over Italy's budget.

US MARKETS

Dow Jones Industrial Index was up 122.73 points (+0.46%)

S&P 500 was down 1.16 points (-0.04%)

Nasdaq Composite Index was down 37.76 points (-0.47%)

GLOBAL SENTIMENT

FTSE 100 was down 21.12 points (-0.28%) to 7,474.55

Hang Seng Index was down 662.14 points (-2.38%) to 27,126.38

Shanghai China Composite Index was closed

UPSIDE MOVERS

(+) DTEA (+60.31%) Reversing Monday's losses

(+) CLVS (+7.7%) Rubraca gets second breakthrough therapy designation from FDA

(+) CLRB (+10.94%) Reported positive survival data from CLR-131 trial to treat multiple myeloma

(+) MMSI (+5.66%) Agreed to $135 million acquisition of privately held Cianna Medical

DOWNSIDE MOVERS

(-) SFIX (-35.08%) Q4 EPS beat expectations but revenue misses and set Q1 sales in-line to below expectations

(-) ACST (-14.19%) Announced offering of common shares to convertible bond holders

(-) JAGX (-25.07%) Priced 15 million share offering at $0.60 per share

(-) NGVT (-7.85%) Downgraded at Berenberg Bank to hold from buy

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Stocks
Referenced Symbols: INTC , CAT , MMM , AMD



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