Stocks Take Breather, Slip From Record Highs
NEW YORK (TheStreet) -- U.S. stocks slipped from an all-time intra-day high on Tuesday as investors showed caution about this seemingly never-ending bull market, unsure whether the best start to a year since 1997 has more room to run.
The S&P 500 dropped 0.2% to 1,692.39 after trading as high as 1,698.78, a new intraday record. On Monday, the S&P hit a record closing price of 1,695.53. The Dow Jones Industrial Average added 0.1% to 15,567.74 while the Nasdaq fell 0.6% to 3,579.27.
Of the 157 S&P 500-listed companies expected to report second-quarter earnings this week, 35 were expected to release results Tuesday.
Apple (AAPL) dropped 1.7% to $418.99 before the maker of the iPhone and iPad beat analyst's expectations for third-quarter results posting earnings of $7.47 per share on revenue of $35.3 billion compared to an average forecast of $7.32 a share on revenue of $35.02 billion, according to an average of a survey conducted by Thomson Reuters.Advance Micro Devices (AMD) was the biggest decliner on the S&P, plunging 6.2% to $3.66 as the chipmaker continued a week of declines following disappointing second-quarter earnings. Peabody Energy (BTU) was the biggest gainer in the S&P, surging 5% to $17.14 after the coal producer reported an unexpected profit for the second-quarter at 33 cents a share versus the average analyst expectation of a loss of 5 cents a share. Dupont (DD) slipped incrementally to $57.12 after the chemicals conglomerate posted earnings that surpassed second-quarter estimates by a penny at $1.28 a share despite sales that came in below estimates. The company said that it's planning to sell or spin off its performance chemicals unit, which includes its paint pigments division. Texas Instruments (TXN) advanced 4% to $38.93 after the chipmaker provided some positive remarks on semiconductor demand for the rest of the year and booked second-quarter earnings that beat expectations by a penny at 42 cents a share. Revenues matched estimates. United Technologies (UTX) added 3% to $105.12 after the conglomerate hiked the lower end of its full-year earnings outlook to $6 a share from $5.85 following a sharp increase in aerospace orders and cost cutting. Travelers (TRV) fell 3.8% to $82.21. Shares were rising earlier after the insurance giant and Dow component exceeded second-quarter expectations with earnings of $2.13 a share versus the average analyst estimate of $1.60. Revenues came in below the Wall Street target. Still, the company said its experiencing lower catastrophe losses as well as continued improvement in underlying underwriting margins in all segments. AT&T (T), the second-largest cellphone carrier in the U.S., is expected by Wall Street to post second-quarter earnings on Tuesday after the market close of 68 cents a share on revenue of $31.81 billion. Shares added 0.65% to $35.81 during the regular market session. Follow @atwtse Written by Andrea Tse and Joe Deaux in New York >To contact the writer of this article, click here: Andrea Tse.>.
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