Nasdaq Edges Further Into Record Territory


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