Consumer and tech stocks nudged the major U.S. indexes higher on Tuesday. Fred Katayama reports.
Investors loaded up on consumer and tech stocks, pushing up the major indexes and nudging the Nasdaq to a record high. But falling oil prices pressured energy stocks for a second straight day. Charles Schwab chief investment officer Omar Aguilar: SOUNDBITE: OMAR AGUILAR, CIO, CHARLES SCHWAB, (ENGLISH) SAYING: "Today is just a reflection of what we've observed for the last few weeks, which is the underlying uncertainty of what may happen. It is starting to take over from the euphoria and optimism that we saw after the election last year." Emerson Electric shares rose. Strong demand in China for its air conditioning parts helped boost profit past Wall Street's forecasts. Michael Kors shares plummeted. The handbag maker forecast weak revenue for the current quarter. Investors worried that it's taking much longer than expected for the company to revive its brand. Also slipping: GM. The automaker's quarterly profit plummeted. Denting the bottom line: huge foreign exchange losses stemming from Britain's vote to quit the European Union. Walt Disney shares slipped after hours. The media giant's cable network ESPN reported a surprising drop in ad revenue. In Europe, healthcare and mining stocks helped pull up the major indexes, but CAC finished down.