Wall opens slightly higher, Dow hits record

Wall opens slightly higher, Dow hits record

Wall opens slightly higher, Dow hits record

The Dow Jones edged up to its ninth record closing high in a row on Monday, while the S&P 500 ended slightly higher, led by gains in technology and consumer-focused companies.

The Dow was up 0.12%, securing a new record close of 22,118 on Monday.

The Standard & Poor's 500 index fell 6 points, or 0.2 percent, to 2,474. The Nasdaq composite outperformed, rising half a percent.

Avis Budget Group fell 7.94 percent as the vehicle rental company cut its full-year profit view.

Tesla edged up 0.26 percent after the electric vehicle maker said it plans to raise about $1.5 billion in a bond offering.

Shares of United Technologies were down 1.23 percent in premarket trading following a report that the company has submitted an offer to buy aircraft component manufacturer Rockwell Collins. The stock manages to soar by a whopping 28% after the announcement from the German-based Fresenius Medical Care Ag & Co.; they said that they are going acquire NxStage for around $2 billion in an effort to boost its kidney dialysis business. Henry Schein lost 5.1 percent and Microsoft lost 0.6 percent.

Ten of the 11 major S&P sectors were lower, with the healthcare index's 0.35% fall leading the decliners.

Shanghai stocks were little changed despite the disappointing Chinese trade data. For example, while the DJIA's historical average six-month return has been a gain of 3.53% with positive returns 65% of the time, the average six-month return following the end of the prior ten streaks was a gain of 4.57% (median: 6.63%) with gains 80% of the time.

According to Robert Pavlik of Boston Private Wealth, "We have a low-inflation environment, low-interest rates, and corporate earnings have come in incredibly well".

Chinese exports rose 7.2 percent year-on-year in June, undershooting a Bloomberg News forecast of 11 percent, while imports climbed by 11 percent compared with an expected increase of 18 percent.

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