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S&P 500, Nasdaq hit record closing highs on upbeat earnings

Updated : April 24, 2019 06:26 AM IST

In Tuesday's trading, the benchmark index finally erased all the steep losses it saw in late 2018 by ending the day above the previous record reached on September 20. It closed just 0.3 percent below its intra-day record of 2,940.91 hit on September 21.
The S&P has risen 17 percent so far this year, with help from a dovish Federal Reserve and hopes of a US-China trade resolution as well as the upbeat start to the first-quarter earnings season.
Profits of S&P 500 companies are still expected to decline 1.3 percent in the first quarter, in what analysts say could be the first earnings contraction since 2016. However, forecasts have largely improved since the start of April.
S&P 500, Nasdaq hit record closing highs on upbeat earnings

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