Nasdaq Edges Further Into Record Territory

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Nasdaq Edges Further Into Record Territory

US stocks edged marginally higher with the Nasdaq Composite edging further into record territory as investors continued to be optimistic that Greece would reach a bailout deal with its international creditors.

The Dow Jones Industrial Average ended 24.76 points or 0.1% higher at 18,144.54 points after fluctuating between losses and gains for most of the session.

The S&P 500 Index inched up 1.41 points or 0.1% at 2,124.56 points with about five of its ten major sectors ending higher on the day.

The technology heavy Nasdaq Composite surged further into record territory adding 6.12 points or 0.1% to close at 5160.09, its new all time closing high.

“There are quite a few cross currents going on today,” Jim Paulsen, chief investment strategist at Wells Capital Management Inc. in Minneapolis, which oversees $351 billion, Bloomberg.

“You’ve still got Greece in the background. The next crisis in the room is waiting in the wings with the Fed. There are a lot of people wondering if the S&P 500 can establish a record high and build more strength.”

Equities have rallied for the past few days driven by optimism that Greece would repay its $1.8 billion loan to the International Monetary Union.

The country, on Monday, pitched a last ditch proposal of reforms it was planning to carry put. The move was lauded by the Euro zone policy makers calling it the basis for a potential bailout deal.

“The market seems to expect that this will end favorably, or at least benignly, but I think people need to be nimble right now as circumstances could change at any time,” Steve Sosnick, equity-risk manager at Timber Hill/Interactive Brokers Group in Greenwich, Connecticut, told Reuters.

“Greece may not be all that meaningful to the U.S. market, but it could have a big impact on the euro and the dollar, and it is unclear how big of an impact that will have on stocks.”

To contact the reporter of the story: Samuel Rae at samuel@forexminute.com