Business

Snapshot: Benchmark index near a record high again

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The stock market’s summer swoon appears to be over — for now. The S&P 500 closed within six points of its record high, less than two weeks after slumping on worries about Iraq and Ukraine. Investors were encouraged by economic reports that suggested growth may be poised to pick up, while inflation remains subdued. Elizabeth Arden was one of the big losers Tuesday. The stock slumped after Arden reported a loss that was bigger than analysts were expecting. The company said that a decline in sales of celebrity fragrances, particularly the Justin Bieber and Taylor Swift scents, was steeper than anticipated. Arden’s stock dropped 23%.

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