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NASDAQ Composite Posts Record Close to Extend Winning Streak

The three major indexes closed mixed on Tuesday with the S&P 500 and NASDAQ Composite posting gains and the Dow Jones Industrial Average another loss as sector rotation continued. The notion that interest rates would continue lower for longer than expected continued to drive up capital-intensive technology stocks. This helped push the NASDAQ to a record close and its eighth straight gain, its longest winning streak since February 2015.

In the cash market, the benchmark S&P 500 Index finished the session at 2460.61, up 1.47 or +0.06%. The blue chip Dow Jones Industrial Average settled at 21574.73, down 54.99 or -0.25% and the tech-based NASDAQ Composite closed at 6342.18, up 27.75 or +0.44%.

Helping to drive the NASDAQ higher were strong performances by Netflix and Facebook. Netflix rose more than 13 percent to an all-time high. Facebook also reached a record intraday high.

Information technology helped boost the S&P 500 Index. The Dow Jones Industrial Average was pressured by shares of Goldman Sachs. The investment banking giant’s top-and-bottom line quarterly results topped expectations, but it also reported a 40 percent drop in second-quarter bond trading revenue.

Bank of America also had similar results. Its quarterly results beat expectations, but revenue took a hit from a sharp drop in trading revenue.

In other news, after the close, IBM reported a drop in revenue for the 21st quarter in a row. Additionally, in Washington, it looks as if the Republican have struck out twice in their attempt to reform healthcare. They failed in their attempt to repeal Obama Care and their attempt to introduce their own plan.

Treasury Yields

U.S. Treasury yields fell in response to the news about the health care bill. This helped drive the U.S. Dollar lower against a basket of currencies. The benchmark 10-year Note yield fell to 2.27 percent, while the two-year yield hovered around 1.35 percent.

U.S. Economic News

U.S. Import Prices fell 0.2%, in line with expectations. The NAHB Housing Market Index dropped from a revised 66 to 64. This was also below the 67 forecast. Despite the decline, a 64 reading is still above the benchmark 50, which indicates a favorable outlook on home sales. TIC Long-Term Purchases came in at 91.9 billion, well above the 20.3 billion estimate and the previously revised 9.7 billion.

Crude Oil

Crude oil prices had a volatile session on Tuesday, first rallying on reports that Saudi Arabia was getting ready to slash exports in August then breaking sharply after the American Petroleum Institute reported a surprise rise in U.S. crude stockpiles. According to the API, crude inventories rose by 1.6 million barrels in the week ending July 14 to 497.2 million barrels.

This article was originally posted on FX Empire

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