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Close Update: Nasdaq Sets Record High as Tech Earnings Awaited

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The Dow Jones Industrial Average closed lower as worries surrounding the economy and banking sector weighed on the blue chip index, while the Nasdaq carved out another record-setting session on strength in the tech sector ahead of quarterly results from Apple ( AAPL ) and Facebook ( FB ).

Stocks were higher before the open after Congress voted to keep the government funded until September, but hit a speed bump when personal income and spending data missed forecasts and a pair of industry indices indicated a slowing manufacturing sector.

Additionally, a remark from former Fed Chairman Ben Bernanke rattled investors early in the day when Bernanke said 3% growth was "a long shot."

Ahead of the next Federal Open Market Committee meeting which ends on Wednesday, Treasury Secretary Steven Mnuchin sent bond yields higher on his endorsement of ultra-long term government securities that would compete for investors with the 30-year long bond. This widened the spread between 2 year notes and 30-year bonds, and elevated the dollar against the yen.

Banking stocks took a turn south after President Trump called for the breakup of the country's largest banks during a speech at a banking conference. Although most of the major banking stocks recovered, the sector closed well off its best levels of the day, contributing to the negative close in the Dow.

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was down 27.05 points (-0.13%)

S&P 500 was up 4.13 points (+0.17%)

Nasdaq Composite Index was up 44 points (0.73%)

GLOBAL SENTIMENT

FTSE 100 was closed

Nikkei 225 was up 0.59%

Hang Seng Index was closed

Shanghai China Composite Index was closed

UPSIDE MOVERS

(+) MTBC (+76.47%) Developed Health Information Exchange interfaces between its clinical platforms and hospitals

(+) OCN (+35.37%) Positive comment from executive from New Residential indicating interest in mortgage servicing rights

(+) ENSG (+6.80%) Reported strong Q1 results

(+) ASPS (+5.57%) Presenting its full suite of origination services at this week's mortgage bankers association conference

DOWNSIDE MOVERS

(-) NTRP (-62.95%) One of the patient groups treated with Bryostatin-1 did not meet primary endpoint

(-) AEZS (-59.70%) Phase 3 study of Zoptrex failed to meet statistical significance

(-) ITCI (-24.10%) FDA requested more information on nonclinical animal toxicology study of lumateperone

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.


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

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