Strong show by Caterpillar, McDonald's has S&P at record high, Nasdaq drags

A set of strong earnings from companies, including Caterpillar and McDonald's, lifted the Dow and drove the S&P 500 to a record high, but the tech-heavy Nasdaq was dragged lower by losses in Google parent Alphabet Inc.

Shares of McDonald's surged 5 percent after the fast-food giant posted the biggest rise in sales at established restaurants globally in five years.

Caterpillar's shares rose 4.1 percent after the company reported quarterly results that smashed expectations and raised its full-year outlook for the second time this year.

However, Alphabet fell 2.6 percent, after the tech giant warned that expenses would remain high as more searches shift to mobile devices.

The S&P tech index has been the best performing sector this year and earnings from big tech companies will be closely watched to see if the rally has legs.

Amazon and Facebook, part of the high-flying "FANG" stocks, report results later this week, while Apple is due to report next week.

Earnings are expected to have climbed 8.8 percent in the second quarter, compared with an 8 percent rise estimated at the start of the month, according to Thomson Reuters I/B/E/S.
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McDonald's to launch concept restaurants in India; soups, salads on offer

Latest News - As part of a brand transformation, McDonald's India is launching a series of concept restaurants with enhanced digital capabilities to improve customer experience, and expects to open 5-10 outlets in the city in the next 18 months.

Called 'Experience of the Future' (EOTF), the McDonald's outlet in Mumbai features self-ordering kiosks, table service, and has also introduced several healthy options on the menu.

"This is the next phase of brand transformation for McDonald's in India. We are launching our EOTF outlets in Mumbai first, and will take this to other cities over the next 2-3 years. In the next 1.5 years we could open about 5-10 outlets in Mumbai," Amit Jatia, vice-chairman, Westlife Development said here.

Westlife Development is the franchise owner of McDonald's in south and west India. It intends to have 20 per cent of its restaurants as (Read More)