Dow Hits New Record High

  • July 12, 2007
  • Darren Wong

Stocks surged on Thursday morning on retail sales data as well as
Rio Tinto’s $38.1 billion bid for Alcan. The Dow Industrials
reached new record territory as investors cheered positive
consumer spending trends and retailers’ June sales reports. 

Crude oil futures for August delivery rose 1.5%
to $73.65 per barrel.  Gold
futures for August delivery added 0.4% to $664.90 an ounce.


Around Asia, Shanghai’s Composite rose 1.3% to 3,915.99, Hong
Kong’s Hang Seng rose 0.9% to 22,809.02, and Tokyo’s Nikkei fell
0.4% to 17,984.14.

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Stocks in
Motion

Rio Tinto Bids $38.1 Billion for Alcan. RTP shares
fell 4.5%, while AL shares jumped 11%.

Wal-Mart June Comp. Up 2.4%
Excl. Fuel; Total Sales Rise 9.4%; Backs Q2 EPS From Cont. Ops View (full
story). WMT shares rose 2.2%.

Motorola Cuts Q2 Sales Forecast; Sees Loss (full
story). MOT shares are trading flat.

Genentech Q2 Profit Rises 41% On Strong Sales Of Cancer Drugs; EPS,
Revenue Top Estimate; Boosts FY07 EPS Growth Outlook (full
story). DNA shares lost 2%.

Yum! Brands Q2 Earnings Rise, Top Estimate; Boosts FY07 EPS Outlook (full
story). YUM shares fell 0.8%.

For more stories as they happen, go to our
Breaking News section.


Market Snapshot

Dow

 +163.06 13,740.93

NASDAQ

 +23.41 2,675.20

S&P 500

 +14.62 1,533.38

 

 NYSE NASDAQ

Volume

 1,350,083,000 806,445,000

Advances

 2183 1899

Declines

 895 974

Up Volume

 897 501

Down Volume

 17 21

New Highs

 228 183

New Lows

 50 49


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
S&P Chemicals Index (CEX) Computer Hardware Index (HWI)
Nasdaq
Telecom Index (IXTC)		 Airline Index (XAL)
Nasdaq Other Finance Index (OFINX) Nasdaq Insurance

Index (INSR)


 


Economic
News

Trade Balance -$60.0 bln vs -$60.0
bln consensus, prior -$58.5 bln

Initial Claims 308K vs 315K consensus

Darren Wong

Associate Editor

darrenw@tradingmarkets.com