S&P 500 Sets New Record Close As Stocks Push Higher - U.S. Commentary

(RTTNews) - Stocks renewed their upward swing on Monday, with the S&P setting a yet another new record closing high. Disappointing earnings from McDonald's (MCD) cut into the Dow's gains, but the major averages all finished above the unchanged mark.

The S&P 500 rose 3.44 points, or 0.2 percent, to finish at 1,695.53. The Dow advanced 1.81 points to finish at 15,545.55. The Nasdaq, bouncing back from a losing session on Friday, gained 12.77 points, or 0.4 percent, to end at 3,600.39.

Shares of McDonald's finished the session lower, driven down by a quarterly profit that came in below the amount anticipated by market analysts. The fast food giant revealed earnings that rose 4 percent from last year, but the growth trailed expectations due to weak sales in Europe and Asia. The company also predicted that the rest of the year would be challenging.

The company's stock fell $2.69, or 2.7%, to close at $97.58.

In other earnings news, toy maker Hasbro (HAS) reported a second-quarter profit that fell from last year. Revenues for toys aimed at boys dropped 35 percent from a year ago, when sales benefited from high-profile movie tie-ins.

Still, shares of Hasbro climbed $1.49, or 3.3 percent, to end at $46.87.

In economic news, the National Association of Realtors revealed that sales of previously-owned homes fell 1.2 percent in June. Economists had expected a gain for the month. However, home prices rose sharply for the month. The median price of a home climbed to $214,200, up 13.5 percent from the same time last year.

Earnings news will remain in the spotlight tomorrow. DuPont (DD), Lockheed Martin (LMT) and UPS (UPS) are set to release their quarterly results before the start of trading. Apple (AAPL) is scheduled to announce its financial figures after tomorrow's close.

Looking overseas, Asian stocks generally ended higher on Monday. The advance followed a decisive victory by Prime Minister Shinzo Abe's ruling Liberal Democratic Party in the country's upper house elections.

Japan's Nikkei index climbed about 68 points, or 0.5 percent, to end near 14,658.

There were gains elsewhere in Asia as well. China's benchmark Shanghai Composite reversed early losses to end 0.6 percent higher. Hong Kong's Hang Seng index closed up 0.3 percent.

In Europe, stocks finished mixed. The U.K.'s FTSE 100 edged down 11.19 points, or 0.2 percent, to finish at 6,623.17. France posted a gain, with the CAC 40 rising 14.60 points, or 0.4 percent, to reach 3,939.92. Germany finished almost flat, with the DAX index slipping less than a point to finish at 8,331.06.