S&P 500 inches higher on trade, vaccine developments
By Stephen Culp NEW YORK (Reuters) - The S&P 500 edged higher on Tuesday, with a drop in Apple stock capping gains from positive developments in U.S.-China trade and fresh progress in the medical battle against the coronavirus pandemic. The S&P 500 and the Nasdaq were up modestly, on track to close at record highs.
By Stephen Culp
NEW YORK (Reuters) - The S&P 500 edged higher on Tuesday, with a drop in Apple stock capping gains from positive developments in U.S.-China trade and fresh progress in the medical battle against the coronavirus pandemic.
The S&P 500 and the Nasdaq were up modestly, on track to close at record highs. But the Dow, which has yet to reclaim its February high, was firmly in the red.
"The market's struggling," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "Investors are done with the earnings season and they're staring at the upcoming election wondering what's next."
"We're looking at a market that's richly valued that investors are starting to think about rebalancing a bit."
That split, which will reduce Apple's weight in the Dow, prompted a reshuffle in the blue-chip industrial average, with Salesforce.com
Salesforce.com, Amgen and Honeywell shares were up between about 3% and 5%.
Trade officials in Washington and Beijing reaffirmed their commitment to Phase One of a bilateral trade deal, but goodwill between the countries soured as China called a U.S. spy plane's flight through a no-fly zone a "naked provocation."
British drugmaker AstraZeneca
Later in the week the Kansas City Fed will convene its virtual Jackson Hole Economic Policy Symposium, with U.S. Federal Reserve Chairman Jerome Powell expected to speak.
On the economics front, the Conference Board's Consumer Confidence index plunged to a 6-year low this month, while a report from the Commerce Department showed sales of new homes in July surged to a more than 13-1/2-year high.
The Dow Jones Industrial Average <.DJI> fell 127.58 points, or 0.45%, to 28,180.88, the S&P 500 <.SPX> gained 3.59 points, or 0.10%, to 3,434.87 and the Nasdaq Composite <.IXIC> added 40.43 points, or 0.36%, to 11,420.15.
Of the 11 major sectors in the S&P 500, four were in positive territory, with communications services <.SPLRCL> enjoying the largest percentage gain.
American Airlines Group Inc
Electronics chain Best Buy Inc
Declining issues outnumbered advancing ones on the NYSE by a 1.45-to-1 ratio; on Nasdaq, a 1.07-to-1 ratio favored advancers.
The S&P 500 posted 27 new 52-week highs and no new lows; the Nasdaq Composite recorded 54 new highs and 22 new lows.
(Reporting by Stephen Culp)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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