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Dow and Nasdaq reach record highs, but energy pressures S&P 500

U.S. equities rose on Tuesday, but traded off session highs, as energy weighed while investors focused on a slew of corporate earnings reports.

The Dow Jones industrial average briefly rose more than 100 points, hitting a new record high, before holding about 40 points higher with Boeing contributing the most gains. The S&P 500 chopped around the flatline, with energy falling more than 1 percent.

Traders work on the main trading floor of the New York Stock Exchange as the Dow Jones industrial average passes the 20,000 mark shortly after the opening of the trading session on Jan. 25, 2017.

The S&P 500 chopped around the flatline, with energy falling more than 1 percent. U.S. crude futures for March delivery fell 2 percent to $52.01 per barrel amid concerns of higher U.S. shale production.

“Today, as opposed to two years ago, we’re looking at a commodity that’s not in short supply. That makes it a lot less of a long-term investment,” said Maris Ogg, president at Tower Bridge Advisors. “This is really like a growth company that fesses up that it can’t grow anymore.”  Read More

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Posted on February 7, 2017, in #business news, #social media and tagged , , , , , , . Bookmark the permalink. Leave a comment.

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