Business

Nasdaq closes at new record high

NYSE trader Image copyright Reuters

(Close): Shares on Wall Street ended the day little changed, although the tech-heavy Nasdaq did edge up to another record high.

The Dow Jones index finished 0.19% ahead at 20,090.29 points, while the Nasdaq closed up 0.19% at 5,674.22.

The S&P 500 just managed to scrape an increase, closing up 0.02% at 2.293.08.

Oil prices fell on Tuesday, pushed down by higher stockpiles in the US, and as a result energy company shares came under pressure.

Brent Crude dropped by 1.7% to $54.79 a barrel and West Texas Intermediate Crude fell by 2.2% to $51.86.

Shares in Chevron closed down by 1.41% and Exxon Mobil was 0.65% lower.

"If we are going into a quarter or two of lower energy prices... the story of improving earnings for the S&P 500, with the help of improving earnings in energy companies, may be suspect," said Bucky Hellwig, senior vice president at BB&T Wealth Management.

Shares in luxury handbag maker Michael Kors saw the biggest fall on the S&P, losing 10.8%.

Earlier the firm had reported disappointing third-quarter sales and cut its full-year revenue forecasts.

Also on the S&P, General Motors ended the day 4.7% lower after the carmaker posted a fall in net profits.