Dow Jones Industrial Average Reverses Higher as Apple, Bank Stocks Rally

Dow Jones Industrial Average Reverses Higher as Apple, Bank Stocks Rally

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

The Dow was up 0.12%, securing a new record close of 22,118 on Monday.

Second-quarter earnings have been stronger than expected with analysts now expecting S&P 500 earnings to have expanded 11.8 percent, compared with 8 percent at the start of July, according to Thomson Reuters I/B/E/S.

The Nasdaq Composite was up 13.91 points, or 0.22 percent, at 6,397.68.

Avis Budget Group fell 5.84% as the auto rental company's second-quarter profit missed expectations and the company cut its full-year profit view. The company manages to take the lead in biggest gainers amongst consumer staples stocks.

Macy's, Kohl's, JC Penney are expected to report results this week, with Wal-Mart, Target due next week.

Warren Buffett's Berkshire Hathaway was down 1.11 percent after the company reported a drop in second-quarter profit. Henry Schein lost 5.1 percent and Microsoft lost 0.6 percent.

The Nikkei closed down 0.3 percent, also dragged down by tech giant SoftBank slipping into negative territory as it announced a dive in April-June net profit.

Shanghai stocks were little changed despite the disappointing Chinese trade data.

In Europe, London's commodities-heavy FTSE 100 index of major blue-chip firms stocks ended the day with a 0.1 percent gain. For example, while the DJIA's historical average six-month return has been a gain of 3.53% with positive returns 65% of the time, the average six-month return following the end of the prior ten streaks was a gain of 4.57% (median: 6.63%) with gains 80% of the time.

Also on investors' radar is the rush of retail earnings this week and next amid Amazon.com's rapid rise.

The Standard & Poor's 500 index was unchanged at 2,476.

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