Economy

U.S. stocks close mixed

U.S. stocks close mixed”

United States stocks ended mostly higher on Monday, with technology issues pacing the advance as investors braced for the start of earnings season and looked ahead to a speech by Fed Chair Janet Yellen later in the week.

Shanghai China Composite Index was down 0.17%.

Technology shares advanced on Monday (Jul 10) while retailers retreated ahead of highly-anticipated testimony by Federal Reserve Chair Janet Yellen and second quarter earnings reports later in the week.

"You had a little bit of a sell-off in the tech sector over the last couple of weeks", said Jeff Carbone, managing partner at Cornerstone Financial Partners.

Earnings season gets underway in earnest on Friday with reports from JPMorgan Chase and other large banks.

More news: Comic book celebrating Yellow Submarine movie's 50th anniversary in development

In an important victory for the banking industry, Federal Reserve last month approved various plans from the 34 largest US banks that said to the usage of extra capital for dividends, stock buybacks, and various other purposes.

Markets closed on a high on Friday after a payrolls report gave investors more confidence in the strength of the U.S. economy.

The Nasdaq jumped 23.31 (+0.38 percent) to close at 6,176.39, while the S&P 500 finished at 2,427.43, up 2.25 (+0.09 percent) from its open. She will testify on Wednesday and Thursday.

Amazon rival Wal-Mart Stores ( WMT ) fell 2.8% to be the biggest drag on the Dow Jones Industrial Average, keeping the blue-chip index from making the same headway as its peers as 16 of its 30 components fell. Shares of Best Buy fell 6.3 per cent to US$54.23 on news that Amazon was planning to roll out a Geek Squad competitor.

The S&P 500 posted 27 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 81 new highs and 69 new lows.



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