US close: Stocks edge higher as Nasdaq closes at record high, gold and oil tumble

US stocks edged higher on Monday, with optimism over Greece’s crisis and strong earnings reports pushing the S&P 500 and the Nasdaq Composite in record territory.

The Dow Jones Industrial Average closed up 14 points to 18,100.41 while the S&P 500 climbed two points and the Nasdaq Composite notched a record close of 5,218.86 after gaining 8.72 points.

Greece banks reopen

European equity markets rose, with investors shifting their focus back to earnings as worries about Greece subsided, as the country’s banks reopened after three weeks.

Meanwhile, Athens has reportedly begun paying back the €4.2bn it owes the European Central Bank, thanks to the €7.16bn bridge loan that was approved last week by the European Union

“With Greece set to make its debt payment to the ECB on Monday and accommodative monetary policy from the ECB for the foreseeable future, optimism is picking up in Europe again,” said CMC Markets’ analyst Jasper Lawler.

“US stocks are near record peaks but the direction of interest rates in the United States is higher according to Fed Chair Janet Yellen.”

Earnings in focus

With no major economic reports out on Monday, investors will focus on the earnings season, with a number of big firms set to report.

Banking giants Morgan Stanley shed 0.48% even though its second quarter earnings and revenue beat expectations.

Oil and gas services provider Halliburton rose 1.79% after its second quarter earnings and revenue declined less than expected.

Toy-maker Hasbro surged 6.36% after its quarterly revenue and profits topped expectations, while PayPal rallied 5.81% in its first trading after being spun off by eBay, whose shares climbed 2.44%.

IBM fell 2.42% in after-hour trading despite reporting better-than-expected second quarter profits soon after the closing bell.

With Microsoft and Apple slated to report later this week, the earning season will play a key role in determining the path US equities will follow in the short-term future.

“The US reporting season looks to kick it up another gear this week with some of the bigger names all revealing their numbers within the first two days alone,” said IG’s analyst Alastair McCaig.

“Analytical expectations for this latest reporting season have been so low that the bar looks to have been set for limbo dancing rather than hurdling.”

Gold tumbles

Elsewhere, Asian indices started the week on a mixed note due to a weaker commodities market, with gold slumping to a five-year low, losing 2.53% to $1,103.30.

The dollar was broadly flat against the euro but gained 0.25 and 0.12%% against the pound and the yen respectively, while oil prices tumbled, with West Texas Intermediate losing 1.58% to $50.10 a barrel and Brent falling 1.01% to $56.53 a barrel.

S&P 500 - Risers
Hasbro Inc (HAS) $83.22 +6.36%
Teradata Corp. (TDC) $36.85 +3.45%
Facebook Inc. (FB) $97.91 +3.10%
Priceline Group Inc (PCLN) $1,247.91 +2.62%
Vulcan Materials Co. (VMC) $94.03 +2.57%
Visa Inc. (V) $72.70 +2.57%
Zoetis Inc (ZTS) $48.98 +2.47%
Chipotle Mexican Grill Inc. (CMG) $678.00 +2.42%
International Paper Co. (IP) $48.65 +2.12%
Keurig Green Mountain Inc (GMCR) $71.04 +2.00%

S&P 500 - Fallers
eBay Inc. (EBAY) $28.57 -56.90%
Peabody Energy Corp. (BTU) $1.13 -12.40%
Newmont Mining Corp. (NEM) $18.16 -12.23%
Denbury Resources Inc. (DNR) $4.23 -7.44%
Chesapeake Energy Corp. (CHK) $10.27 -6.12%
Micron Technology Inc. (MU) $18.89 -6.11%
Southwestern Energy Co. (SWN) $19.81 -5.94%
CF Industries Holdings Inc. (CF) $65.00 -5.69%
Range Resources Corp. (RRC) $40.75 -5.43%
Freeport-McMoRan Inc (FCX) $15.05 -5.23%

Dow Jones I.A - Risers
Visa Inc. (V) $72.70 +2.57%
Apple Inc. (AAPL) $132.07 +1.89%
Verizon Communications Inc. (VZ) $48.10 +1.07%
Walt Disney Co. (DIS) $119.66 +0.67%
Microsoft Corp. (MSFT) $46.92 +0.64%
Pfizer Inc. (PFE) $35.24 +0.48%
International Business Machines Corp. (IBM) $173.22 +0.41%
Coca-Cola Co. (KO) $41.38 +0.32%
Merck & Co. Inc. (MRK) $59.00 +0.31%
Nike Inc. (NKE) $113.14 +0.30%

Dow Jones I.A - Fallers
Intel Corp. (INTC) $29.10 -1.26%
Caterpillar Inc. (CAT) $82.25 -1.09%
Exxon Mobil Corp. (XOM) $81.76 -1.03%
Unitedhealth Group Inc. (UNH) $122.65 -0.97%
Home Depot Inc. (HD) $113.41 -0.93%
Cisco Systems Inc. (CSCO) $28.03 -0.53%
Wal-Mart Stores Inc. (WMT) $73.08 -0.42%
General Electric Co. (GE) $27.14 -0.39%
Travelers Company Inc. (TRV) $102.55 -0.38%
United Technologies Corp. (UTX) $110.48 -0.23%

Nasdaq 100 - Risers
Facebook Inc. (FB) $97.91 +3.10%
Tesla Motors Inc (TSLA) $283.00 +3.04%
Priceline Group Inc (PCLN) $1,247.91 +2.62%
Keurig Green Mountain Inc (GMCR) $71.04 +2.00%
Monster Beverage Corp (MNST) $142.75 +1.92%
Apple Inc. (AAPL) $132.07 +1.89%
Activision Blizzard Inc. (ATVI) $26.25 +1.70%
Regeneron Pharmaceuticals Inc. (REGN) $561.17 +1.66%
Texas Instruments Inc (TXN) $50.09 +1.48%
Intuitive Surgical Inc. (ISRG) $496.80 +1.43%

Nasdaq 100 - Fallers
eBay Inc. (EBAY) $28.57 -56.90%
Micron Technology Inc. (MU) $18.89 -6.11%
Netflix Inc. (NFLX) $110.55 -3.68%
Vimpelcom Ltd Ads (VIP) $5.03 -2.33%
Mylan Inc. (MYL) $66.93 -2.25%
Discovery Communications Inc. Class A (DISCA) $32.64 -2.01%
Nvidia Corp. (NVDA) $19.69 -1.89%
Wynn Resorts Ltd. (WYNN) $99.94 -1.74%
Google Inc. Class C (GOOG) $663.02 -1.47%
Tractor Supply Company (TSCO) $93.13 -1.45%