Dow and S&P 500 Ended Lower, Nasdaq Closed at Record
- Tuesday, May 9, 2017, 16:56
- Stock Market
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U.S. stocks ended mixed on Tuesday as the Dow industrial Average and S&P 500 finished lower and the tech-heavy Nasdaq carved out a new record while investors sifted through mostly upbeat earnings reports against a backdrop of falling oil prices and remarks from Federal Reserve speakers. The Dow Jones Industrial Average fell 36.50 points, or 0.17%, to 20,975.78. The S&P 500 was down 2.46 points, or 0.10%, to 2,396.92. The Nasdaq Composite rose 17.93 points, or 0.29%, to 6,120.59.
Oil prices closed lower on Tuesday as traders fretted over rising U.S. crude production as OPEC weighs extend its production-cut agreement late this month. June West Texas Intermediate crude fell by 55 cents, or 1.2%, to settle at $45.88 a barrel. July Brent crude lost 61 cents, or 1.2%, to $48.73 a barrel.
Efforts to overhaul Fannie Mae and Freddie Mac could lead to “a potential and significant shock” to the commercial real-estate sector, said Boston Federal Reserve President Eric Rosengren on Tuesday.
Nvidia Corp reported a 48.4 percent jump in quarterly revenue, helped by strong demand for its graphics chips and its diversification into fast-growing areas such as self-driving systems and artificial intelligence. The company’s net income rose to $507 million, or 79 cents per share, in the first quarter ended April 30, from $208 million, or 35 cents per share, a year earlier. Revenue rose to $1.94 billion from $1.31 billion.
Walt Disney on Tuesday reported profits that topped expectations, but revenues that fell short of forecasts amid continued weakness at ESPN. The media giant said it earned $1.50 in adjusted earnings per share during its fiscal second quarter, and $13.3 billion in revenue.
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