Energy Sector Weighs on S&P 500 and the Dow; Nasdaq gets a Push from Tech Companies
On Monday, once more lower oil prices pulled down energy stocks which also dragged S&P 500 and the Dow slightly lower at the day's close.
On the other hand, tech companies like Apple and Alphabet gave a push, making it close at its highest level in a year.
At an earlier juncture in the session, the S&P 500 had hit a record high. However, the gains could not be contained owing to a slump in U.S. crude CLc1, which fell under $40 per barrel which is its lowest level since April. It finally settled at $40.06.
Peter Kenny, senior market strategist at Global Markets Advisory Group in New York said, "Oil has once again re-emerged as a real driver of how investors are gauging the trend for equities. Now we are beginning to see the glut narrative have an impact on oil and have an impact on equities."
In July S&P 500 gained 3.6 percent, its best since March and has touched its record intraday high not once but seven times. The U.S. economy has revealed signs of recovery and corporate earnings have up-ticked showing better results than primarily feared.