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Nasdaq edges up to record, GM falls

Feb 08 2017 07:33

New York - Wall Street stocks scored modest gains on Tuesday, with the Nasdaq inching up to a fresh record, even while petroleum-linked shares and General Motors tumbled.

Analysts said earnings were broadly beating expectations, a sign of the improving economy.

But at the same time, FTN Financial chief economist Chris Low said there is a "sense that momentum behind Trump's biggest proposals is fading."

The Dow Jones Industrial Average rose 0.2% to end the day at 20 090.29.

The broad-based S&P 500 rose a hair to 2 293.08, while the tech-rich Nasdaq Composite Index gained 0.2% to 5 674.22, narrowly besting Friday's record.

Gainers included Apple, IBM and Boeing, all of which gained about one percent or more.

Oil-linked companies were broadly down, with Chevron falling 1.4% and Devon Energy 2.5%.

General Motors slumped 4.7% on worries about elevated costs on autonomous and mobility investments, despite projecting earnings-per-share of between $6.00 and $6.50 in 2017 after it notched $6.00 a share for 2016.

Teva Pharmaceutical Industries dropped 6.3% as it announced chief executive officer Erez Vigodman was stepping down.

Michael Kors Holdings plunged 10.8% after it reported that third-quarter revenues fell 3.2% to $1.4bn.

Kors said it was disappointed with sales in North America and Europe and sees more pressure ahead due to poor trends in shopping malls and "uncertainty surrounding certain political changes in European countries."

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