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S&P 500 Rides Energy, Health Care to Close at Record

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By Yasin Ebrahim

Investing.com – The Dow closed near record highs Tuesday and the S&P 500 hit a new high, driven by rising energy and health care stocks.

Dow Jones Industrial Average rose 0.8%, or 278 points, to close at 35,116.4, just shy of its closing high of 35,144.91. The S&P 500 added 0.8% to close at 4423.15, and the Nasdaq was up 0.6%.

Energy led the broader market higher, led by nearly 8% surge in the Pioneer Natural Resources (NYSE:PXD) after oil and gas reported quarterly earnings that fell just short of estimates, but its capital return strategy drew a positive reaction from Wall Street.

“PXD has significantly lagged peers Eog Resources/ConocoPhillips year to date following the DP acquisition, but the shift in the return of capital strategy is a step in the right direction on potentially recapturing some relative performance into year end,” Tudor, Pickering, Holt&Co. said in a note.

EOG Resources (NYSE:EOG) and ConocoPhillips (NYSE:COP) ended up more than 2%.

Industrials also supported the broader market melt up as airlines stocks pared losses despite concerns about the threat of the delta variant of Covid-19 global travel.

American Airlines (NASDAQ:AAL) fell 0.5%, while United and Alaska Air (NYSE:ALK) ended modestly lower.

The earnings front, meanwhile, served up mixed quarterly results.

Under Armour (NYSE:UAA) reported better-than-expected quarterly results and lifted its guidance for the full-year forecast, sending its share price more than 7% higher.

Alibaba Group (NYSE:BABA) fell 1% after reporting second-quarter earnings that topped earnings, but revenue fell short as the e-commerce giant continues to ramp-up investment in growth opportunities.

In health care, Eli Lilly and Company (NYSE:LLY) ended nearly 4% higher after reporting mixed quarterly results as earnings of $1.87 fell just short of expectations but revenue of $6.74 billion topped estimates.

Large cap tech, with exception of Facebook continued to climb higher.

Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Amazon.com (NASDAQ:AMZN) were higher, while Facebook (NASDAQ:FB) was in the red.

In other news, Robinhood Markets (NASDAQ:HOOD) surged 24% to rise above its initial public offering price of $38 for the first time as ARK Invest’s Cathie Wood is understood to have been buying shares of the company.

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