Stocks rose in afternoon trading on Wall Street Tuesday and pushed major indexes further into record heights as investors review mostly solid earnings. The S&P 500 was up 0.3%. Big technology companies were doing much of the heavy lifting, and that helped send the Nasdaq up 0.3%. The Dow Jones Industrial Average climbed 0.1%. UPS jumped 7.4% after the package delivery service reported results that easily beat analysts' forecasts. Facebook fell following a weak sales forecast and scrutiny over its corporate practices. Microsoft and Google's parent company will report their own results after the closing bell.
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Asian shares are mostly higher after another rally to record highs on Wall Street. Benchmarks in Tokyo, Seoul and Sydney rose, while Hong Kong fell and Shanghai was little changed. Stocks have been pushing broadly higher as companies turn in much stronger profit reports for the summer than analysts had expected. Historically low interest rates, along with strong corporate profit growth, have helped the S&P 500 more than double from the bottom it set in March 2020 in the early days of the coronavirus pandemic. On Monday, the S&P 500 gained 0.5% while the Dow Jones Industrial Average surged 0.9%, both closing at record highs.
Asian stock markets are mixed after Wall Street slipped and China tightened travel controls in some areas in response to coronavirus infections. Shanghai, Hong Kong and Sydney advanced while Tokyo declined. On Friday, Wall Street’s S&P 500 index declined 0.1%, weighed down by losses for tech companies after a seven-day streak of gains. A province in China’s northwest closed tourist sites after coronavirus cases were found and the capital, Beijing, banned visitors from areas with infections in the past 14 days. China has reported only a few dozen new cases, but Beijing’s strategy of shutting down travel prompted concern the economy might suffer.
Stocks ended up with a mixed finish on Wall Street Friday after another choppy day of trading, but major indexes still marked their third weekly gains in a row. The S&P 500 slipped 0.1% as sizable drops in several big tech companies outweighed gains in other sectors. The benchmark index had set its latest record high a day earlier. The Dow Jones Industrial Average rose 0.2% and the Nasdaq retreated 0.8%. Intel sank after the giant chipmaker's revenue fell short of forecasts, and Snapchat's parent company plunged after saying its ad sales are being hurt by a privacy crackdown on iPhones.
Asian shares are mixed after a late-in-the-day wave of buying pushed the S&P 500 to a fresh record high. Benchmarks rose in Hong Kong and Tokyo but fell in Sydney and Shanghai. China Evergrande Group, the troubled property developer whose cash crunch has rattled markets, reportedly made an overdue bond payment on Friday. On Thursday, Wall Street spent most of the day wobbling between gains and losses. Technology companies did well, despite a steep drop in IBM after the company reported disappointing revenue, pulling the Dow down a smidgen. The S&P 500 rose 0.3% and the Nasdaq added 0.6%. Tesla rose 3.3% after reporting record profits despite parts shortages and shipping delays.
Asian shares are mixed after major Chinese property developer Evergrande said a plan to sell its property management arm to a smaller rival had fallen through. Shares slipped in Hong Kong and Tokyo but rose in most other regional markets. Shares in China Evergrande Group tumbled nearly 12% while shares in its property unit slipped 6.8%. Evergrande said it was having difficulties selling off assets to resolve its cash crunch. On Wednesday, stocks ended higher on Wall Street, bringing the S&P 500 to the brink of another record high. Bitcoin's price eased slightly after topping $66,000 a day earlier.