NASDAQ Improves on Intraday Record

The NASDAQ composite notched an intraday record high on Tuesday as tech shares rose.

The Dow Jones Industrials plummeted 85.68 points to 24,728.01,

The S&P 500 lost 5.53 points to 2,741.34

The NASDAQ came off its highs of the morning, but still gained 4.5 points to 7,610.96, as Facebook, Amazon, Netflix, and Alphabet all traded higher. Mylan also contributed to the gains, rising 6.8% after the Food and Drug Administration approved Fulphila as a biosimilar drug to Neulasta, which aims at reducing the risk of infections during cancer treatment.

Tuesday’s gains for the NASDAQ come after the index posted a record closing high for the first time since March 12 in the previous session as Amazon and Apple climbed to all-time highs.

The major indexes are off to a solid start for the month of June, rising at least 1.5% in the first two sessions. However, investors remain on edge as tensions between the U.S. and some of its key trading partners are high.

In data, the Institute for Supply Management non-manufacturing index reached 58.6 in May, above an expected print of 57.6. A reading above 50 indicates expansion in the service sector while a reading below 50 signals contraction.

Prices for the benchmark for the 10-year U.S.Treasury eked higher, dropping yields to 2.91% from Monday’s 2.94%. Treasury prices and yields move in opposite directions.

Oil prices regained 21 cents at $64.96U.S. a barrel.

Gold prices moved into the green $3.80 to $1,295.40U.S. an ounce.

This article provided by NewsEdge.