Nasdaq retreats as Alphabet falls but Apple gains after hours $AAPL $GOOG
NEW YORK - The S&P 500 eked out another record high close on Tuesday and capped its best four-month stretch in nearly nine years after a recent rally that helped to restore investors’ belief in the decade-long bull run.
Besides a mostly better-than-expected earnings season, analysts said market-positive economic data, a dovish Federal Reserve and hints of progress in U.S.-China trade talks have all helped drive recent gains. But not all results have been upbeat. During the regular session, Alphabet shares fell 7.5% in their worst decline since October 2012 after the company reported its slowest revenue growth in three years.The S&P communication services sector slid 2.5%, dragged down by Alphabet, and registered its biggest percentage drop in about four months.
For the month, the Dow rose 2.6%, the S&P 500 gained 3.9% and the Nasdaq added 4.9%. All three indexes posted their best monthly percentage gains since January.The Dow was boosted by gains in Chevron Corp. The company’s shares rose 2% after Warren Buffett’s Berkshire Hathaway Inc committed $10 billion to Occidental Petroleum Corp’s bid for Anadarko Petroleum Corp, boosting its chances of snatching a deal from Chevron.
Investors will also pay close attention to the next two rounds of U.S.-China trade negotiations after Treasury Secretary Steven Mnuchin said he hopes to make “substantial progress” with Chinese negotiators.Advancing issues outnumbered declining ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.41-to-1 ratio favored decliners.
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