U.S. stocks were mixed as a rally in banks took the Dow Jones Industrial Average to a fresh record, while technology shares tumbled anew. The dollar strengthened as factory data bolstered optimism in the strength of the American economy.
Energy and financial shares lifted the S&P 500 Index, though the measure erased more than half of its gain in the final hour of trading. The Dow rose as much as 243 points to an intraday record before closing higher by 130 points. The Nasdaq 100 Index dropped 0.9 percent. Markets closed at 1 p.m. ahead of the July 4 holiday. The dollar strengthened the most in two weeks after American factories powered up in June at the fastest pace in nearly three years. Crude climbed after industry data Friday showed active U.S. rigs declined for the first time in 24 weeks.
Trading volumes in many markets were light before Tuesday’s U.S. holiday and as investors await Friday’s report on the American jobs market. Economic data may provide a key insight for traders in the wake of a hawkish shift from central banks that roiled markets last week.
In Japan, the ruling party lost to an upstart outfit in an election for Tokyo’s assembly, presenting Prime Minister Shinzo Abe with one of his biggest tests since coming to power in late 2012. The Yen reversed an advance.
