Dow ends at ninth straight record, S&P 500 also hits all-time high

Dow ends at ninth straight record, S&P 500 also hits all-time high

The Dow Jones Industrial Average added 26 points, or 0.12%, to close at 22,118.

"All the key data were stronger than expected, but none were really all that strong", said Chris Low, chief economist at FTN, told Xinhua in a note.

For the week, the major averages turned in a mixed performance.

Meanwhile, the S&P 500 gained 0.16 per cent to close at a fresh record high of 2,480.91, and the Nasdaq composite rose 0.51 per cent to close at 6,383.77.

Investors are upbeat after Friday's better-than-expected United States jobs report for July and a generally strong earnings period reinforced confidence in the robustness of the USA economy.

U.S. total nonfarm payroll employment increased by 209,000 in July, well above market expectations, and the unemployment rate was little changed at 4.3 percent, according to the U.S. Labor Department Friday.

The report also said average hourly employee earnings were up by 2.5 percent year-over-year in July, unchanged from the previous month.

Traders may also be reluctant to make significant moves amid geopolitical uncertainty after the United Nations imposed stringent new sanctions on North Korea for its escalating nuclear and missile programs.

Declining issues outnumbered advancers on the NYSE by 1,443 to 1,367. The last time the Dow had nine straight record closes was in February when it boasted 12 in a row. ON Semiconductor (ON) is leading the sector higher after reporting a spike in second quarter profits.

Steel, financial, and telecom stocks also saw some strength on the day, although buying interest was somewhat subdued.

It was a quiet day, in the stocks but the major indices are still swimming in the afterglow of what was a pretty good earnings season.

The weakness among oil service stocks comes amid a decrease by the price of crude oil, with crude for September delivery tumbling USD0.88 to USD48.70 a barrel.



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