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Dow hits record high

Monday, July 31, 2017 - 01:13

But big name tech stocks dragged the Nasdaq lower on the last trading day of the month. Fred Katayama reports.

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The Dow climbed to another record high Monday. But big name tech stocks like Amazon, Apple, and Facebook dragged down the Nasdaq lower. Invesco global market strategist Kristina Hooper: SOUNDBITE: KRISTINA HOOPER, GLOBAL MARKET STRATEGIST, INVESCO, (ENGLISH) SAYING: "Tech stocks have gone up so much that there's a little bit of just taking profit. It's the end of the month. And so I wouldn't ascribe too much in the way of serious negative sentiment with tech." Discovery Communications shares dropped. It's paying nearly $15 billion to buy the Scripps Networks, the media company behind channels such as Food Network and HGTV. Charter Communications shares shot higher after the U.S. cable TV operator rebuffed Sprint's interest in buying it. A source said Softbank, which controls Sprint, was considering an acquisition offer. Facebook shares fell after Pivotal Research downgraded the social networking company's stock to "sell" from "hold". Snap shares dipped as its IPO lockup period expired. Tesla shares dropped. CEO Elon Musk warned the electric car maker would face "manufacturing hell" as it ramps up production of the new Model 3 sedan. Tobacco and other consumer stocks sent many European markets lower. But the FTSE managed to break even.

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Dow hits record high

Monday, July 31, 2017 - 01:13