US Market Indexes Mixed, S&P 500 Resists New High

Traders work on the floor of the NYSE in New York

A market is traditionally considered to have turned from a bull to a bear market when the benchmark Standard & Poor's 500 index of major USA stocks loses more than 20 percent of its value.

Whether it formally qualifies as the longest bull market run on record, then, is the sort of debate that will have to continue among investors and the financial media during the dog days of summer.

Kohl's, which has gained 45 percent this year, fell 2.3 percent despite strong quarterly results and raising its annual profit forecast.

Wall Street ended mixed today, with the Nasdaq gaining on the strength of tech stocks.

The S&P 500 (.SPX) opened lower by 1.97 points, or 0.07 percent, at 2,860.99.

"There was quite a lot of news that was negative for Trump yesterday that introduced uncertainty into the market", said Robert Phipps, director at Per Stirling Capital Management in Austin, Texas.

Cramer said the 2011 S&P downgrade of US government debt from AAA to AA+ was been one of the darkest moments in the bull market.

Retailers were in focus again and several of them were moving after reporting their latest quarterly results.

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At its session high, the S&P 500 was 0.14 percent shy of its record hit on January 26. That represents the bottom of the 1987 bear market that began on 8/25/1987 and culminated in the low on 12/4/1987 with the S&P 500 Index down 33.51%.

The S&P 500 index fell 4.84 points, or 0.2 percent, to 2,856.98.

Investors are weighing new remarks from Federal Reserve Chairman Jerome Powell, who says he expects the Fed to gradually raise interest rates if the US economic expansion remains strong.

The S&P 500 energy index rose 0.5 per cent and the S&P 500 materials index gained 0.4 per cent, in tandem with higher prices for oil and metals.

The minutes of Fed's August policy meeting on Wednesday may indicate the central bank's confidence in economic growth and commitment to future rate hikes.

The Nasdaq is up 72.77 points, or 0.9 percent. The Dow Jones Small-Cap Growth TSM Index closed at 10,701.54 for a gain of 47.13 points or 0.44%.

Apple rose 0.1 percent to 215.60 after BofA Merrill Lynch raised its price objective on the iPhone maker to $250.

The Dow is up 64.28 points, or 0.3 percent.

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