Stock market ekes out small gains; Apple continues climb
NEW YORK -- Major stock indexes eked out small gains Tuesday after an upturn in technology companies outweighed weakness in other parts of the market, including a drop in airlines.
The gain in technology stocks was driven by Apple. The technology company surged after billionaire investor Carl Icahn said on Twitter that he held a large position in Apple and that its stock was undervalued.
August is shaping up to be a lackluster month for the stock market as major indexes fail to add significantly to the gains they made in July. The Standard & Poor's 500 index has drifted lower, fluctuating between small losses and gains, since closing at an all-time high Aug. 2.
A sharp rise in Treasury yields also rippled through the stock market on Tuesday.
The S&P 500 index rose 4.69 points, or 0.3 percent, to 1,694.16. Although its advance has slowed this month, the index is still up 18.8 percent this year.
The Nasdaq composite rose 14.49 points, or 0.4 percent, to 3,684.44. The Dow Jones industrial average rose 31.33 points, or 0.2 percent, to 15,451.01.