Stock market closes at record high
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NEW YORK – The stock market is closing at a record high despite a disappointing quarterly performance from McDonald’s.
A big week for corporate results began Monday with second-quarter earnings for the hamburger chain falling short of Wall Street’s expectations.
But the price of gold broke above the $1,300 mark for the first time in a month, and gave mining stocks a lift. Gold rose $43.10, or 3 percent, to $1,336 an ounce.
The Standard & Poor’s 500 index rose three points to 1,695, a record high. The Dow Jones industrial average closed up one point to 15,545. The Nasdaq composite was up 12 points at 3,600.
McDonald’s said economic uncertainty for its customers weighed on results and it warned of a tough year ahead. The company’s stock price was down 2.7 percent.