The Nasdaq Composite Index rose to an all-time high for a second day afterGoogle Inc. jumped on better-than-estimated earnings, while a decline in energy shares muted gains in the Standard & Poor’s 500 Index.
Google soared 16 percent, the most in more than seven years, and Facebook Inc. added 4.5 percent to a record. The Nasdaq Internet Index gained 2.6 percent. The S&P 500’s energy group dropped 1.1 percent as Chevron Corp. lost 1.4 percent and Chesapeake Energy Corp. sank 5.5 percent. Boeing Co. slid 1.1 percent after saying it will revise its profit outlook amid higher costs to develop a new refueling tanker.
The Nasdaq Composite rose 0.9 percent to 5,210.14 at 4 p.m. in New York, and the Nasdaq 100 Index added 1.5 percent to a more than 15-year high. The S&P 500 climbed 0.1 percent to 2,126.64, within 5 points of its all-time high. The Dow Jones Industrial Average fell 33.80 points, or 0.2 percent, to 18,086.45, weighed by declines in Boeing and We’re now watching earnings come out, with the background of what’s going on internationally,” said Bill Schultz, who oversees $1.2 billion as chief investment officer at McQueen, Ball & Associates Inc. in Bethlehem, Pennsylvania. “It looks like Google had a good earnings report, so that’s helping. There’s nothing right now that looks like there’s an impediment to pushing stocks higher or causing a selloff.”
The S&P 500 closed 0.2 percent below its record and had its biggest weekly gain in four months on signs that Greece’s standoff with creditors is nearing a conclusion and a rout in Chinese equities has been contained. The Nasdaq Composite marked its best weekly advance since October, up 4.3 percent.
Data Watch
On the second day of her semi-annual testimony Thursday, Federal Reserve Chair Janet Yellen reiterated that she intends to increase borrowing costs this year, while emphasizing that the pace of any subsequent raises will be gradual. She said raising rates too late holds risks, along with tightening too quickly.
Investors will continue to assess economic data for clues on when the Fed will move on rates. A report today showed new-home constructionclimbed in June to the second-highest level since November 2007 amid a surge in apartment projects. Separate data showed the cost of living rose in June for the fifth consecutive month, paced by increases in rents that are helping nudge inflation toward the Fed’s goal.
Another report showed consumer confidence declined more than forecast in July on concerns global risks will dim prospects for the U.S. economy, while consumers remained upbeat about employment and wages.
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