Newspaper article St Louis Post-Dispatch (MO)

U.S. Stocks Eke out Small Gains; NASDAQ Sets Record Close

Newspaper article St Louis Post-Dispatch (MO)

U.S. Stocks Eke out Small Gains; NASDAQ Sets Record Close

Article excerpt

NEW YORK * U.S. stocks recovered from a late-afternoon slide to eke out small gains Tuesday, nudging the Nasdaq composite to its second record close in less than a week.

The three major stock indexes, all of which set new highs last Friday, rebounded from a slight decline on Monday.

Investors focused on the latest batch of company earnings, bidding up health care, telecommunications and consumer-focused companies most.

Energy was the biggest laggard, as crude oil prices closed lower, backtracking after an early rally. Traders also sold off shares in big department store chains after The Gap reported lower sales figures. Analysts had predicted a decline of 1 percent in the San Francisco-based chain's same-store July sales. They actually dropped 4 percent.

With nearly 90 percent of S&P 500 companies having already reported, earnings this quarter have been OK, while revenue growth has not been as bad as expected, said Bob Doll, chief equity strategist at Nuveen Asset Management. …

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