Plans by U.S. officials to travel to China for high-level trade talks. lifted the Dow Jones Industrial Average -- which nearly set its fifth record high this year -- as did strong-than-expected second-quarter resultsOpens a New Window. from Coca-ColaOpens a New Window. and United TechnologiesOpens a New Window..
The major markets on Tuesday initially pared gains after U.S. home sales. fell more than expected in June as a persistent shortage of properties pushed prices to a record high, suggesting the housing market was struggling to regain its footing since hitting a soft patch last year. The National Association of Realtors said existing home sales dropped 1.7 percent.
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. will travel to Chinanext week to meet and hold trade negotiations with Chinese officials, a senior government official told FOX Business.
Chinese Vice Premier Liu He and Chinese Commerce Minister Zhong Shan will attend the meetings, which are scheduled to be held in Shanghai – at the request of the Chinese delegation – and not Beijing, the official said.
On the earnings front, Coca-Cola netted profits of 63 cents per share in the three months through June, higher than analysts expected. Overall, revenue grew 6 percent to $10 billion, slightly above what Wall Street predicted. Read more at FOX Business