News Column

S&P 500 Reaches New Record Intraday High Above 1,990

July 24, 2014

WASHINGTON (Alliance News) - While buying interest has remained somewhat subdued, stocks are seeing modest strength in mid-day trading on Thursday. The slim gains on the day have lifted the S&P 500 to a new record intraday high above the 1,990 level.

After moving sharply lower over the course of the previous session, networking stocks have shown a strong move back to the upside on the day. The NYSE Arca Networking Index has risen by 1.5% after tumbling by 2.1% on Wednesday.

Polycom (PLCM) has helped lead the networking sector higher after reporting better than expected second quarter earnings and announcing a new USD200 million share repurchase authorization.

Internet and brokerage stocks are also turning in strong performances on the day, although buying interest has remained somewhat subdued.

On the other hand, housing stocks have come under pressure on the heels of the disappointing new home sales data, dragging the Philadelphia Housing Sector Index down by 2.1%. D.R. Horton (DHI) is posting a steep loss after reporting lower third quarter earnings.

Gold, oil service, and biotech stocks are also seeing notable weakness, helping to limit the upside for the broader markets.

The major averages have moved roughly sideways in recent trading, hovering above the unchanged line. The Dow is up 11.98 points or 0.2% at 17,098.61, the Nasdaq is up 8.71 points or 0.2% at 4,482.41 and the S&P 500 is up 3.43 points or 0.2% at 1,990.44.

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Source: Alliance News

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