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S&P nears 1,700, Dow hits new closing high

TradingPub Admin | July 23, 2013

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The benchmark S&P 500 Index came within a few points of breaking through 1,700 on July 23, and the Dow Jones Industrial Average closed at a new record high.

During the trading session, the S&P 500 increased to a new intraday record, before paring these gains to finish the day 0.2 percent lower at 1,692.39, according to USA Today. The Dow finished the day up 0.1 percent at 15,567.74.

One major piece of information that was released today was the earnings reports of various companies, the media outlet reports. The data contained in these documents was not particularly strong, even though many of the figures beat the predictions of market experts.

Hank Herrmann, who is the chief executive officer of Waddell & Reed Investment Management Co., noted the mediocrity of the financial figures when speaking with Bloomberg.

"What you're seeing is revenues are coming in pretty lackluster and profits seem to be doing a little better than gains in sales," Herrmann told the news source. "The market had a period of digesting the confusion over Fed tapering. For the moment, it's focused on individual company fundamentals."

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