S&P, Dow close at record highs; oil falls

Mon Jul 18, 2016 4:41pm EDT
 
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By Richard Leong

NEW YORK (Reuters) - U.S. stock prices rose on Monday, with the Dow Jones Industrial Average and S&P 500 posting record closes amid upbeat company earnings, while oil fell on worries about growing supply and traders brushing off a failed coup in Turkey.

As Turkish authorities sought to retaliate for a bid by a faction of the armed forces to seize power, traders pared safe-haven holdings of yen, gold and low-risk government bonds.

"We're now on to the next shiny new object and that's earnings season," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "As long as companies beat earnings estimates, investors will feel comfortable buying stocks."

Bank of America (BAC.N: Quote), the No. 2 U.S. bank by assets, and fellow S&P 500 component Hasbro (HAS.O: Quote) posted better-than-expected profit for the second quarter, mirroring the results of the few companies, including big banks, that reported last week.

The Dow Jones industrial average .DJI unofficially closed up 16.5 points, or 0.09 percent, at 18,533.05, the S&P 500 .SPX ended up 5.15 points, or 0.24 percent, to 2,166.89 and the Nasdaq Composite .IXIC finished 26.20 points, or 0.52 percent, higher to 5,055.78.

Japan's SoftBank Group's (9984.T: Quote) $32 billion deal to buy British chip designer ARM Holdings ARM.L briefly lifted European equities to a three-week high.

The FTSEurofirst 300 .FTEU3 index ended 0.2 percent higher at 1,338.06.

The MSCI world equity index .MIWD00000PUS, which tracks shares in 45 nations, rose 0.92 point or 0.2 percent, to 412.15.   Continued...

 
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 18, 2016.  REUTERS/Brendan McDermid