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Earnings drive S&P 500 to record

Tuesday, July 25, 2017 - 01:13

Strong results from McDonald's and Caterpillar and positive economic data powered the markets higher Monday. Fred Katayama reports.

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Strong earnings from blue chip companies driving the S&P 500 to a record high Tuesday. The Nasdaq managed to close at an all-time high as well despite having Alphabet cap its gains. RegentAtlantic research director Andy Kapyrin says positive consumer confidence data put investors in a buying mood. SOUNDBITE: ANDY KAPYRIN, RESEARCH DIRECTOR, REGENTATLANTIC, (ENGLISH) SAYING: "You saw consumer confidence come out at the second highest level in 16 years. That's a pretty big deal. If you look at the chart on consumer confidence, we haven't been this upbeat about the economy since the late 90s." Investors just lovin' McDonald's shares, which hit an alltime high. The Golden Arches posting its biggest increase in global comparable sales in five years. Caterpillar's shares got a lift. The tractor maker raised its full year outlook for the second time this year. Alphabet's shares dropped. Google's parent warned after the market closed Monday that costs would remain high as more searches shift to mobile devices. The Fed kicked off its two day meeting. Economists expect the central bank will wait until December before raising rates again. In Europe, a rally in bank and commodity stocks lifted the markets.

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Earnings drive S&P 500 to record

Tuesday, July 25, 2017 - 01:13