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Dow surges to record high

Tuesday, July 12, 2016 - 01:07

Investors embraced risk, pushing the Dow to a record closing high and the Nasdaq into positive territory for the first time this year. Fred Katayama reports.

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A rally in financial and energy stocks powered the Dow Industrials to a new record closing high, and the Nasdaq turned positive for the first time this year. But HighTower's Matthias Kuhlmey sees a rocky road ahead for stocks: SOUNDBITE: MATTHIAS KUHLMEY, HEAD OF GLOBAL INVESTMENT SOLUTIONS, HIGHTOWER, (ENGLISH) SAYING: "Volatility, or risk, has been bottled up. We have seen it at the beginning of the year. We have seen it after Brexit. There is this strong outburst if conditions aren't perfectly aligned." AMC Entertainment is buying Britain's Odeon & UCI Cinemas for $1.2 billion. But it said its proposed acquisition of rival Carmike Cinemas was at a "considerable risk." AMC shares rose but Carmike skidded. Shoppers at Amazon.com hoping to take advantage of deep discounts on its shopping event, Prime Day, encountered glitches at checkout. But the online retailer said it resolved the snafus. Reuters has learned Xerox is in talks to buy RR Donnelley, driving up shares of the financial printing firm and the copier maker. European shares rallied for the fourth straight session led by auto and bank shares. But the FTSE 100 finished flat.

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Dow surges to record high

Tuesday, July 12, 2016 - 01:07