S&P 500 Sets New High

U.S. stocks ended with modest gains on Monday, with the S&P 500 notching another record close. The Dow Jones Industrial Average added 1.81 points, or 0.01%, to 15,545.55. The S&P 500 closed up 3.44 points, or 0.20%, to 1,695.53. The Nasdaq
Composite index gained 12.78 points, or 0.36%, to 3,600.39.

McDonald’s (MCD) continues to see weak same-store sales, downtrodden economies in some of its largest markets and an inability to raise prices substantially, factors that ultimately led to revenue and earnings shortfalls in the second quarter and likely
will linger in the months ahead.

Netflix Inc. (NASDAQ:NFLX) reported second-quarter results that surpassed Wall Street analysts’ forecasts, but subscriber growth that failed to meet some expectations. Netflix said that for the quarter ended June 30, it earned $29 million, or 49 cents a share, on revenue of $1.07 billion, compared to a profit of 11 cents a share on $889 million in sales a year ago.

Existing home sales fell more than 1% in June as the supply of homes for sale remained tight and short-sales and purchases of foreclosed homes dropped. Sales fell to a seasonally adjusted annual rate of 5.08 million, the National Association of
Realtors reported Monday. Economists had expected an annual pace of 5.27 million, according to a Bloomberg survey.

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