GE rises on lifting 2021 earnings forecast; UPS jumps as results beat on e-commerce demand
US stock indexes closed modestly higher on Tuesday, with the Dow Industrials and S&P 500 hitting fresh records, and gains were subdued as Facebook shares fell in the wake of its quarterly earnings.
Facebook Inc, down 3.92%, was the biggest drag on the S&P 500 and Nasdaq after the company warned that Apple Inc's new privacy changes would weigh on its digital business. Shares of the social media company closed below its 200-day moving average for the first time since March 8, a technical support level that could indicate further declines.
"Facebook has other issues, certainly the earnings report wasn't as stellar," said Ken Polcari, managing partner at Kace Capital Advisors in Boca Raton, Florida.
"Then pile on the issues with the whistleblower, what they knew, what they didn't know, how they set themselves up to benefit themselves even at the risk of kids and people that use the platform. That is going to kind of hangover it." However, the benchmark S&P index scored a new high, lifted by names with big market capitalizations. Nvidia Corp gained 6.70% to close at a record high of $247.17, while Amazon.com Inc advanced 1.68% and Apple rose 0.46%.
Support also came from a 6.95% advance in United Parcel Service Inc and a 2.03% rise in General Electric Co on the heels of their quarterly results.
The Dow Jones Industrial Average rose 15.73 points, or 0.04%, to 35,756.88; the S&P 500 gained 8.31 points, or 0.18%, at 4,574.79; and the Nasdaq Composite added 9.01 points, or 0.06%, at 15,235.72.
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