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Dow Jones Hits Record High Monday

S&P stocks were in the green on Monday, with investors confident about a positive trade agreement with China.The Dow Jones Industrial Average gained 0.32% to hit a record high of 27,517, the S&P 500 Index advanced 0.35% to 3,077 and the Nasdaq Composite Index rose 0.53% to 8,430.

Non-index stocks have also posted gains and losses recently. Shares of Sprint Corp. (NYSE:S) fell more than 2% on Monday after the company announced second-quarter results. The company posted a loss of 7 cents per share, falling 4 cents short of earnings estimates. Revenue of $7.8 billion was $370 million shy of expectations.


"I am proud of the resiliency of the Sprint team as they work to deliver results in a challenging environment," CEO Michel Combes said. "However, I remain convinced that merging with T-Mobile and building one of the world's most advanced 5G networks is the best outcome for all consumers, employees, and shareholders."

For the quarter, total wireless service revenue was $5 billion, which was adversely impacted by lower Lifeline revenue.

The net loss was $274 million, while the operating income came at $237 million and adjusted earnings before interest, taxes, depreciation and amortization was $2.6 billion, which was negatively impacted by reimbursements to federal and state governments.

During the quarter ended June 30, Mario Gabelli (Trades, Portfolio) reduced his stake by 3% to 1,077,387 shares and Jeremy Grantham (Trades, Portfolio) sold out of the stock. Jim Simons (Trades, Portfolio) boosted his position by 44% to 69,952,504 shares.

Gainers

  • Cimarex Energy Co. (NYSE:XEC) +8%
  • Devon Energy Corp. (NYSE:DVN) +6.5%
  • Noble Energy Inc. (NYSE:NBL) +6%
  • General Electric Co. (NYSE:GE) +5.3%
  • Schlumberger NV (NYSE:SLB) +5.2%
  • DXC Technology Co. (NYSE:DXC) +4.7%



Losers

  • Under Armour Inc. (NYSE:UA) -18.7%
  • NVR Inc. (NYSE:NVR) -6.7%
  • D.R. Horton Inc. (NYSE:DHI) -4.1%
  • Procter & Gamble Co. (NYSE:PG) -4%
  • Estee Lauder Companies Inc. (NYSE:EL) -2.9%



Global markets

The main European stock markets traded in the green.The U.K.'s FTSE 100 rose 0.92%, France's CAC 40 inched up 1.08%, Germany's Dax gained 1.35% and Spain's IBEX 35 increased 0.95%.

In Asia, Japan's Nikkei 225 fell 0.33%, India's BSE Sensex rose 0.34%, Hong Kong's Hang Seng advanced 1.65% and China's Shanghai Composite gained 0.58%.

Disclosure: The author holds no positions in any stocks mentioned.

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This article first appeared on GuruFocus.