The Dow Jones Industrial Average inched up to another record high Tuesday on a mixed day of trading for Wall Street.
- The Dow rose 9.98 points, less than 0.1%, to 41,250.50
- The S&P 500 rose 8.96 points, or 0.2%, to 5,625.80.
- The Nasdaq composite rose 29.06 points, or 0.2%, to 17,754.82.
The parent company of the Paramount movie studio fell 7.2% after Edgar Bronfman Jr., the former head of Warner Music Group, abandoned his bid for the company, clearing the way for it to be acquired by the media company Skydance, the
AP reports.
Semiconductor company Nvidia, with a total market value topping $3 trillion, reports its latest financial results on Wednesday. It rose 1.5%. Hain Celestial Group jumped 18.6% after the company's fiscal fourth-quarter profit topped Wall Street's estimates. Trip.com Group climbed 9.1% after its second-quarter earnings beat analysts' forecasts and the company touted strong travel demand. Traders also bid up shares in cruise line operators. Royal Caribbean rose 4.3%, Norwegian Cruise Line gained 3.6%, and Carnival added 2.7%.
The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 103.3 in August from 101.9 in July. The results were better than economists expected and could help bolster sentiment that consumers remain resilient, despite pressure from inflation. Consumer spending accounts for nearly 70% of US economic activity. That has been a strong area of the economy, along with the jobs market. Best Buy and Dollar General will report their latest results Thursday. That could give investors more insight into where, and how much, consumers are spending.
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