Dow, S&P Hit New Highs But Pare Gains; Tesla Leads Autos Higher


Dow, S&P Hit New Highs But Pare Gains; Tesla Leads Autos Higher

The Dow Jones Industrial Average and the S&P 500 both topped all-time highs on Tuesday.

The Dow and S&P 500 ended at fresh records on Monday (Aug 7) as a strong second-quarter earnings season continued to attract more funds to the United States equity market.

Nearly nothing happened today, but nothing hasn't been enough to keep the S&P 500 and Dow Jones Industrial Average from hitting news all-time highs. Click on ticker-symbol links in each slide for current prices and more.

Chief market strategist at FBN securities Jeremy Klein told CNBC that Apple's continued success was helping drive the strong earnings.

The S&P 500 also manages to record increases from yesterday's market; the index showed great strength and closed with a total of 0.2% at 4.08 points to a total of 2,480.9.

The S&P hasn't moved more than 0.5 percent since July and has fallen more than 1 percent only twice this year.

Shares of United Technologies were down 1.23 percent in premarket trading following a report that the company has submitted an offer to buy aircraft component manufacturer Rockwell Collins. The Nasdaq Composite Index enjoyed the best daily gain of its peers, up 0.5% at 6,383, logging the best advance for the technology-focused index since July 18, according to FactSet data.

"We have strong earnings that is helping the market", said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group.

The energy sector led the laggards with a 0.9% decline as oil prices edged lower on a rebound in production from Libya's largest oil field, along with worries about higher output from OPEC and the US.

Warren Buffett's Berkshire Hathaway was down 1.11 percent after the company reported a drop in second-quarter profit. On the Nasdaq, 1,526 issues rose and 1,301 fell.



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