» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 41 | NO. 3 | Friday, January 20, 2017

US stock indexes drift mostly lower in morning trading

By ALEX VEIGA, AP Business Writer

Print | Front Page | Email this story

U.S. stock indexes drifted mostly lower in morning trading Thursday as the market gave up some of its gains from the day before, when the Dow Jones industrial average closed above 20,000 for the first time. Technology stocks were down the most, while financial companies led the gainers. Investors have their eye on the latest company earnings news.

KEEPING SCORE: The Standard & Poor's 500 index fell 1 point to 2,296 as of 11:15 a.m. Eastern Time. The Nasdaq composite index slid 3 points, or 0.1 percent, to 5,651. The Dow edged up 27 points, or 0.1 percent, to 20,111. Small-company stocks did worse than the rest of the market. The Russell 2000 lost 7 points, or 0.5 percent, to 1,375. More stocks fell than rose on the New York Stock Exchange.
RECORD RUN: It's been a record-making week on Wall Street. The S&P 500 index and Nasdaq composite closed at all-time highs on Tuesday and Wednesday. The Dow, which tracks 30 major industrial companies, added its own milestone Wednesday after it breached the 20,000 mark for the first time. The market is getting a boost from strong company earnings and investor optimism that the Trump administration's policies on taxes, regulation and trade will be good for business.

THE QUOTE: "Earnings have come in strong for sure," said Patrick Schaffer, global investment specialist, J.P. Morgan Private Bank. "This is a very important component of the rally that we've seen."

NO JOY: Mattel sank 14.4 percent after the toymaker reported a big slowdown in sales over the holidays. The stock was the biggest decliner in the S&P 500, sliding $4.55 to $27.01.

PRICE SLUMP: McKesson slid 7.7 percent after the prescription drug distributor said prices were weaker than it expected in its fiscal third quarter. The stock shed $11.67 to $139.43.

SOLD: United Rentals jumped 12.1 percent after the equipment rentals company said it has agreed to acquire construction equipment company NES Rentals for $965 million. United Rentals led all the gainers in the S&P 500, climbing $13.81 to $128.06.

FRESH COAT: Sherwin-Williams jumped 8.3 percent after the paint and coatings company reported quarterly earnings and revenue that easily beat analysts' forecasts. The stock gained $23.39 to $306.81.

HEALTHY RESULTS: Biogen rose 3.6 percent after the company reported a bigger profit than expected, which bought it back to around breakeven this year. The stock added $9.87 to $283.11.

HOME SWEET HOME: PulteGroup gained 5.1 percent after the homebuilder reported that quarterly earnings and sales beat Wall Street's estimates. The stock was up $1.04 to $21.49.

SMOOTH SAILING: Royal Caribbean Cruises Ltd. was up 7.8 percent after the cruise line operator gave an optimistic forecast for 2017 and said bookings are good. The stock added $6.86 to $94.53.

BREXIT WORRIES: Whirlpool tumbled 6.9 percent after the appliance maker said Britain's impending departure from the European Union hurt its profits. The stock fell $13.04 to $177.16.

MARKETS OVERSEAS: Germany's DAX was up 0.2 percent, while the CAC-40 in France was 0.4 percent lower. The FTSE 100 index of leading British shares was down 0.2 percent. Earlier in Asia, Japan's Nikkei 225 surged 1.8 percent and South Korea's Kospi gained 0.8 percent. Hong Kong's Hang Seng index rose 1.4 percent. Markets in China, Hong Kong, South Korea and other Asian countries are about to begin holidays of varying lengths to mark the lunar new year, curtailing trading across much of the region.

OIL: Benchmark U.S. crude oil was up 96 cents, or 1.8 percent, at $53.71 per barrel in New York. Brent crude, used to price international oils, was up $1.20, or 2.2 percent, at $56.62 a barrel in London.

TREASURY YIELDS: Bond prices were fell. The 10-year Treasury yield rose to 2.54 percent from 2.52 percent late Wednesday.

CURRENCIES: The dollar rose to 114.80 yen from 113.60 on Wednesday. The euro fell to $1.0665 from $1.0743.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0