August 1, 2014
Dow, S&P 500 edge up with tech shares; DuPont drags
US stocks ended modestly higher today, led by technology shares, though a downbeat second-quarter forecast from DuPont Co kept a lid on gains.
The S&P 500 technology index rose 0.6 percent, bolstered by Apple Inc, up 1.2 percent at $91.98, in another session this week where the Nasdaq outperformed the other two major indexes.
Both the Dow and the S&P 500 ended with slight losses for the week, while the Nasdaq scored a gain.
The spike in volume at today's close was the result of Russell Investments' final reconstitution of its indexes, which affected more than $5 trillion in assets.
DuPont shares lost 3.3 percent to $65.44 and ranked among the biggest drags on both the Dow and the S&P 500. The losses came a day after the company cut its operating profit forecast for the second quarter and the full year, citing slower sales at its agriculture and performance chemicals units.
The Dow Jones industrial average rose 5.71 points or 0.03 percent, to end at 16,851.84. The S&P 500 gained 3.74 points or 0.19 percent, to 1,960.96. The Nasdaq Composite added 18.88 points or 0.43 percent, to 4,397.93.
For the week, the Dow slipped 0.6 percent and the S&P 500 declined 0.1 percent, while the Nasdaq gained 0.7 percent.
Despite the market's recent malaise, Wall Street's 2014 rally was expected to extend into the second half of the year.
European shares edged higher supported by gains in British engine maker Rolls-Royce but still set for their first weekly loss since April.The FTSEurofirst 300 closed down 0.1 percent at 1,370.38 yesterday, retreating further from the 6 1/2-year high it reached last week after US Federal Reserve official James Bullard suggested the US economy would be strong enough to bear a rate rise in early 2015.
The comments came despite weak US consumer spending data, which prompted a cut in growth forecasts and hit global stocks.
Meanwhile, Japan's Nikkei share average fell to its lowest in 1-1/2 weeks as investors took profits, while overall sentiment suffered from brewing concerns over a weak US economy and the yen's strength.
The Nikkei closed down 1.4 percent at 15,095.00, the lowest closing level since June 17. For the week, the index dropped 1.7 percent. The broader Topix dropped 0.8 percent to 1,253.15, while the new JPX-Nikkei Index 400 slipped 0.9 percent to 11,391.36.