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S&P, Nasdaq close at record highs

Video Credit: Reuters Studio - Duration: 01:08s - Published
S&P, Nasdaq close at record highs

S&P, Nasdaq close at record highs

The S&P 500 and Nasdaq hit record closing highs Wednesday after reassuring comments from Texas Instruments about global chip demand blunted the impact of weak earnings reports from Boeing and Caterpillar.

Fred Katayama reports.

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A surge in chip stocks led by Texas Instruments lifted the S&P 500 and Nasdaq to all-time closing highs Wednesday.

But weak earnings from blue chip industrial companies dragged the Dow lower.

Crossmark Global Investments chief market strategist, Victoria Fernandez: SOUNDBITE: CROSSMARK GLOBAL INVESTMENTS CHIEF MARKET STRATEGIST, VICTORIA FERNANDEZ (ENGLISH) SAYING: "We have diffferent things going on in different areas of the market, although in general, I think that we're still doing well as the majority of the companies are actually exceeding expectations on earnings." Texas Instrument shares leapt higher.

The chipmaker hinted that a global slowdown in microchip demand would not be as long as feared.

Caterpillar was the Dow's biggest decliner.

Weak sales in China and fallout from the tariff war drove quarterly profit lower, falling short of analysts' estimates.

Fellow Dow component Boeing shares also dropped.

The jet maker suffered its biggest quarterly loss ever.

The grounding of its best-selling 737 MAX planes hurt its earnings.

After the bell, Facebook shares rose after the company reported gains in revenue and monthly active users.

Earlier Wednesday, the social networking company agreed to pay a record-breaking $5 billion fine to resolve a government probe into its privacy practices.




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