Tuesday Stock Market Update
The Dow Jones Industrial Average fell, but S&P 500 and the Nasdaq Composite posted gains on Tuesday, according to CNBC.
- The Dow Jones Industrial Average fell 66.84 points, or 0.20 percent, to close at 27,778.07.
- The S&P 500 gain 0.20 percent to close at a record high of 3,389.78.
- The Nasdaq Composite rose 0.70 percent to close at 11,210.84.
The S&P 500 officially hit its record high after a week of floating around the milestone. “There has been a lot of good news seemingly validating” this move higher, said Andrew Slimmon, managing director at Morgan Stanley Investment Management. However, Slimmon added the market is currently “very vulnerable to some type of bad news.”
Amazon shares surged more than 4 percent, pushing tech higher. Alphabet gained 2.6 percent and Facebook gained 0.5 percent. Apple and Microsoft each rose more than 0.5 percent and Netflix gained 2 percent.
Tomorrow, the Fed will release its July minutes.