S&P, Dow edge up to new all-time highs

Posted August 09, 2017

Tokyo stocks opened slightly higher on Tuesday, as investor sentiment was bolstered by the Dow Jones Industrial Average closing at a fresh record high overnight for the ninth successive day.

Dow futures were dow 0.11%, S&P 500 futures fell 0.14%, and Nasdaq futures slipped 0.15%.

USA stock indexes opened lower on Tuesday as investors paused after a recent record-breaking rally that helped the Dow notch up nine straight sessions of record close.

Dow e-minis were up 34 points, or 0.15 percent, with 13,064 contracts changing hands. Like Monday, any gain on Tuesday will push the blue-chip index to records, potentially for the 10th day in a row.

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Oil prices edged lower on Monday, sliding away from nine-week highs, as worries lingered over high production from OPEC and the United States.

Avis Budget Group fell 7.94 percent as the vehicle rental company cut its full-year profit view.

Apple rose as much as 1.91 percent to an all-time high and provided the biggest boost to all three major indexes.

Nasdaq 100 e-minis were up 7.25 points, or 0.12 percent, on volume of 16,846 contracts.

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The S&P 500 climbed 0.3% and - in a matter of significance for chart readers - moved past a sideways range that had persisted for almost two weeks. It is ending the session up 4.08 points or 0.16% to 2480.91.

Meanwhile, investors will continue to closely track the second-quarter earnings season to see if pricey valuations are justified.

Medical device company NxStage Medical jumped 28.5 percent after it agreed to be bought by Fresenius Medical Care for $30 a share, or $1.97 billion.

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.

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