NYSE Dow Jones finished today at:

[bigdog]

Major markets in Europe were closed for a holiday,

Markets in Hong Kong, Singapore, New Zealand and Australia were also closed for a holiday.

https://www.usnews.com/news/busines.../asian-shares-mixed-in-post-christmas-trading

US Stocks Finish Slightly Lower After Light Day of Trading
A listless day of trading on Wall Street ended with stocks closing slightly lower, weighed down by losses among some big technology companies.

By ALEX VEIGA, AP Business Writer

A listless day of trading on Wall Street ended with major stock indexes closing slightly lower Tuesday, weighed down by losses among some big technology companies.

Apple slid 2.5 percent amid speculation that the consumer electronics giant might cut its targets for sales of its latest iPhone. Banks also declined, outweighing gains by energy companies and retailers. Oil prices closed higher.

Trading was light as investors returned from the Christmas holiday.

"It's a low-volume day after Christmas, with hardly anything going on," said Tom Martin, senior portfolio manager with Globalt Investments. "You have one piece of news that is significant on a major company, Apple. That moved some of the components around."

The Standard & Poor's 500 index fell 2.84 points, or 0.1 percent, to 2,680.50. The Dow Jones industrial average slid 7.85 points, or 0.03 percent, to 24,746.21. The Nasdaq lost 23.71 points, or 0.3 percent, to 6,936.25. The Russell 2000 index of smaller-company stocks picked up 1.30 points, or 0.1 percent, to 1,544.23.

Stocks had finished higher for five straight weeks heading into this week. They are on pace to finish every month this year with gains, when dividends are included.

The major indexes were slightly lower early on and veered little for the rest of the day. It was the lightest day of trading in about a year.

Technology companies pulled the market lower from the get-go, weighed down by chipmakers and Apple, among other big names.

Apple slid after a Taiwanese newspaper reported that the company may cut iPhone X sales targets amid weak sales. The stock declined $4.44 to $170.57.

Chipmaker Micron Technology lost $1.87, or 4.2 percent, to $42.25.


Despite the slide, technology remains the best-performing sector in the S&P 500 this year with a gain of 37.4 percent.

Energy companies posted the biggest gains Tuesday as oil prices rose. Range Resources gained 53 cents, or 3.2 percent, to $16.99.

Benchmark U.S. crude gained $1.50, or 2.6 percent, to settle at $59.97 on the New York Mercantile Exchange. Brent crude, which is used to price international oils, rose $1.77, or 2.7 percent, to close at $67.02 in London.

Investors also bid up shares in big retail stocks and consumer products companies. Kohl's jumped $3.21, or 6 percent, to $56.87, while Macy's added $1.18, or 4.6 percent, to $26.85.

Traders welcomed the latest corporate deal news.

Sucampo Pharmaceuticals climbed 5.9 percent after it agreed to be acquired by drugmaker Mallinckrodt for $839 million, or $18 a share. Sucampo makes a constipation drug called Amitiza and it had $230 million in total revenue last year. Sucampo added $1 to $18. Mallinckrodt picked up 16 cents to $23.48.

KLX surged 10 percent after the aerospace products and energy services company said it will consider options including a sale. The stock added $6.28 to $69.28.

In other energy futures trading, wholesale gasoline rose 2 cents to $1.79 a gallon. Heating oil added 7 cents to $2.04 a gallon. Natural gas fell 2 cents to $2.64 per 1,000 cubic feet.

Gold rose $8.70, or 0.7 percent, to $1,287.50 an ounce. Silver added 16 cents to $16.60 an ounce. Copper picked up 4 cents to $3.28 a pound.

Bond prices rose. The yield on the 10-year Treasury fell to 2.47 percent from 2.48 percent late Friday.

The dollar fell to 113.18 yen from 113.31 yen on Friday. The euro strengthened to $1.1867 from $1.1852.

The price of bitcoin rose 14.4 percent to $15,917 as of 4:45 p.m. ET, according to the tracking site CoinDesk. The price of the digital currency slumped as much as 30 percent on Friday. Bitcoin futures on the Cboe Futures Exchange rose 13.3 percent to settle at $15,810.


The futures contracts allow investors to make bets on the future price of bitcoin. The price of the digital currency has soared this year, having begun 2017 under $1,000. Many economists and market watchers believe bitcoin is in a speculative bubble that could burst any time.

Major markets in Europe were closed for a holiday. In Asia, markets were mixed in light trading. Tokyo's Nikkei 225 shed 0.2 percent, while Seoul's Kospi fell 0.5 percent and India's Sensex gained 0.2 percent. Shares in Taiwan and Singapore declined while Bangkok rose.

Markets in Hong Kong and Australia were also closed for a holiday.

 

[bigdog]

https://finance.yahoo.com/m/bb8f609b-a87b-30a0-aea0-7fe537ee23ba/ss_us-stock-indexes-eke-out.html

US stock indexes eke out gains in quiet day on Wall Street

U.S. stock indexes capped another quiet day on Wall Street Wednesday with slight gains, recouping some of the market's modest losses from a day earlier.

Technology, health care and industrials stocks accounted for much of the gain. A report showing that pending U.S. home sales inched higher last month helped lift homebuilder shares.

Retailers and consumer-goods manufacturers declined the most, following a late-afternoon slide. Energy stocks also fell along with the price of crude oil. Bond yields fell following a report showing U.S. consumer confidence dipped this month.

"Trading is obviously very light, but the market is certainly going out on a high as we head into the end of the year," said Erik Davidson, chief investment officer for Wells Fargo Private Bank.

The Standard & Poor's 500 index gained 2.12 points, or 0.1 percent, to 2,682.62. The Dow Jones industrial average added 28.09 points, or 0.1 percent, to 24,774.30. The Nasdaq rose 3.09 points, or 0.04 percent, to 6,939.34. The Russell 2000 index of smaller-company stocks lost 0.29 points, or 0.02 percent, to 1,543.94.

Wednesday was another quiet, post-holiday day for the markets, though a couple of economic reports helped drive some trades.

The National Association of Realtors said signed contracts to buy U.S. homes increased 0.2 percent in November. The report is a barometer of future purchases. Most homebuilder shares moved higher after the report. LGI Homes led the pack, climbing $2.47, or 3.4 percent, to $75.46.

Separately, the Conference Board said its latest consumer confidence index declined slightly this month, just missing analysts' forecasts. The decline in the index drove a pickup in bond purchases, sending prices higher. The yield on the 10-year Treasury slid to 2.41 percent from 2.48 percent late Tuesday.

"This is probably a little bit of an air pocket on light volume in terms of yields, but it is clearly being impacted by the somewhat softer number that we saw out of consumer confidence today," said Bill Northey, senior vice president at U.S. Bank Wealth Management.

Technology stocks were among the biggest gainers Wednesday. Qorvo was up the most, adding $1.36, or 2.1 percent, to $67.26.

Several health sector stocks also notched gains. Envision Healthcare picked up 82 cents, or 2.4 percent, to $34.56.

Shares in Macy's and other big retail chains declined a day after scoring gains on strong holiday season sales. Macy's slid $1.21, or 4.5 percent, to $25.64, while Kohl's lost $1.58, or 2.8 percent, to $55.29.

Callaway Golf tumbled 6.9 percent after the company said it invested another $20 million in entertainment company Topgolf, giving it a 14-percent stake. Callaway lost $1.04 to $14.02.

Benchmark U.S. crude dropped 33 cents to settle at $59.64 a barrel on the New York Mercantile Exchange. Brent crude, which is used to price international oils, slipped 58 cents to close at $66.44 per barrel in London.

The slide weighed on oil producers and other energy companies. Chesapeake Energy fell 12 cents, or 3 percent, to $3.88.

Gold added $3.90 to $1,291.40 an ounce. Silver gained 15 cents to $16.76 an ounce. Copper was little changed at $3.28 a pound.

The dollar rose to 113.26 yen from 113.18 yen on Tuesday. The euro strengthened to $1.1899 from $1.1867.

The price of bitcoin fell 3.9 percent to $15,125 as of 4:50 p.m. ET, according to the tracking site CoinDesk. Bitcoin futures on the Cboe Futures Exchange slid 5.5 percent to $14,945. The futures contracts allow investors to make bets on the future price of bitcoin.

In other energy futures trading, wholesale gasoline was little changed at $1.79 a gallon. Heating oil was flat at $2.04 a gallon. Natural gas rose 10 cents, or 3.6 percent, to $2.74 per 1,000 cubic feet.

Major stock indexes in Europe finished mostly higher. Germany's DAX was flat, while France's CAC 40 edged up 1 percent. Britain's FTSE 100 rose 0.4 percent.

Earlier in Asia, Japan's benchmark Nikkei 225 edged up nearly 0.1 percent, while Australia's S&P/ASX 200 was virtually unchanged. South Korea's Kospi added 0.4 percent. Hong Kong's Hang Seng inched 0.1 percent higher.

 

[bigdog]

http://www.houstonchronicle.com/new...xes-edge-higher-in-early-trading-12459320.php

US stocks close higher in light trading; New high for Dow
Alex Veiga, Ap Business Writer

U.S. stock indexes wrung out a modest gain during another quiet session on Wall Street Thursday, nudging the Dow Jones industrial average to a new high ahead of the final trading day of 2017.

Financial stocks accounted for much of the market's gains. The sector benefited from rising bond yields, which help banks because it enables them to charge higher interest rates on loans.

Some energy stocks got a boost from natural gas prices, which jumped nearly 7 percent as temperatures dropped across much of the U.S. Crude oil prices also closed higher.

Consumer-goods makers lagged the broad rally, which gave the market its second higher finish in a row. The stock market seldom declines this time of year, noted John Serrapere, director of research at Arrow Funds.

"It's a light, light, light calendar," Serrapere said. "Normally between Christmas and New Year's you get a positive, muted upslope in the markets."

The Standard & Poor's 500 index rose 4.92 points, or 0.2 percent, to 2,687.54. The Dow gained 63.21 points, or 0.3 percent, to 24,837.51. The 30-company average has closed at a record high 71 times this year.

The Nasdaq added 10.82 points, or 0.2 percent, to 6,950.16. The Russell 2000 index of smaller-company stocks picked up 4.99 points, or 0.3 percent, to 1,548.93, matching its most recent all-time high set early last week.

The S&P 500 and Nasdaq, meanwhile, are hovering just below their all-time highs. All the indexes are on track to end the 2017 with double-digit gains.

Bond prices fell as yields recovered partially from a big drop a day earlier. The yield on the 10-year Treasury rose to 2.43 percent from 2.41 percent late Wednesday.

That helped lift shares in banks and other financial companies. Northern Trust added $1.64, or 1.7 percent, to $100.32.

The price of natural gas rose sharply as an arctic blast gripped a large swath from the Midwest to the Northeast, sending temperatures plummeting. It climbed 18 cents, or 6.7 percent, to $2.91 per 1,000 cubic feet.

The increase gave some energy companies a boost. Chesapeake Energy was the biggest gainer in the S&P 500 index, climbing 16 cents, or 4.1 percent, to $4.04. Range Resources rose 65 cents, or 3.8 percent, to $17.61.

Netflix also contributed to the market's gains Thursday. The video-streaming service picked up $6.47, or 3.5 percent, to $192.71.

Several packaged food, beverage and other consumer-goods makers declined. Monster Beverage slid $1.31, or 2 percent, to $62.92.

Traders also sold off shares in companies that delivered unimpressive results or outlooks.

Calumet Specialty Products Partners tumbled 9 percent after the oil and solvents processor reported disappointing third-quarter results. The stock gave up 80 cents to $8.05.

Benchmark U.S. crude rose 20 cents to settle at $59.84 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price international oils, gained 28 cents to $66.72 per barrel in London.

In other energy futures trading, wholesale gasoline was little changed at $1.79 a gallon. Heating oil inched up a penny to $2.05 a gallon.

Gold rose $5.80 to $1,297.20 an ounce. Silver added 17 cents, or 1 percent, to $16.92 an ounce. Copper climbed 2 cents, or 0.7 percent, to $3.31 a pound.

The dollar declined to 112.87 yen from 113.26 yen on Wednesday. The euro strengthened to $1.1952 from $1.1899.

The price of bitcoin declined for the second day in a row, sliding 9 percent to $13,995 as of 4:56 p.m. ET, according to the tracking site CoinDesk. Bitcoin futures on the Cboe Futures Exchange fell 8 percent to $13,755. South Korea's government announced additional measures Thursday to curb speculative trading of virtual currencies in the country, including a ban on opening anonymous accounts.

Major indexes in Europe closed mostly lower. Germany's DAX slipped 0.7 percent, while France's CAC 40, lost 0.6 percent. Britain's FTSE 100 inched up less than 0.1 percent, but the gain was enough for the index to close at a record high.

In Asia, Japan's Nikkei 225 erased earlier gains to finish 0.6 percent lower. South Korea's Kospi surged 1.3 percent after government data showed strong gains in retail sales and industrial output last month. Hong Kong's Hang Seng index rose 0.9 percent. In Australia, the S&P/ASX 200 added 0.3 percent.

 

[bigdog]

HAPPY NEW YEAR AND MAY YOU ALL HAVE A PROSPEROUS 2018

Despite the downbeat end to the week, the U.S. stock market finished 2017 with its strongest year since 2013.

The Standard & Poor's 500 index, the broadest measure of the stock market, gained 19.4 percent for the year, more than double its gain in 2016. Including dividends, the total return was 22.5 percent, as of late Thursday.

The Dow Jones industrial average ended the year with a 25.1 percent gain, setting 71 all-time highs along the way.

The Nasdaq composite notched the biggest gain, an increase of 28.2 percent, while the Russell 2000 index of smaller-company stocks closed out 2017 with a gain of 13.1 percent.

Gold added $12.10, or 0.9 percent, to $1,309.30 an ounce for the day.

https://www.usnews.com/news/busines...cks-drift-higher-on-final-trading-day-of-2017

US Stocks Slide on Final Trading Day of 2017
Wall Street capped 2017 with a loss, weighed down by a broad slide in light trading ahead of the New Year's holiday

By ALEX VEIGA, AP Business Writer

Wall Street capped 2017 with a loss, weighed down by a broad slide in light trading ahead of the New Year's holiday.

Technology companies, banks and health care stocks accounted for much of the market's decline. Energy stocks also fell, even as the price of U.S. crude oil surged to its highest level in more than two years.

Despite the downbeat end to the week, the U.S. stock market finished 2017 with its strongest year since 2013.

The Standard & Poor's 500 index, the broadest measure of the stock market, gained 19.4 percent for the year, more than double its gain in 2016. Including dividends, the total return was 22.5 percent, as of late Thursday.

The Dow Jones industrial average ended the year with a 25.1 percent gain, setting 71 all-time highs along the way.

The Nasdaq composite notched the biggest gain, an increase of 28.2 percent, while the Russell 2000 index of smaller-company stocks closed out 2017 with a gain of 13.1 percent.

"It's been the year that surprised everybody," said J.J. Kinahan, chief market strategist at TD Ameritrade. "It was truly buy-on-the-dip, and that paid off better than anyone possibly expected."

On Friday, many investors opted to pocket some of their gains, especially in technology stocks, which led the market with a gain of 36.9 percent. Chipmaker KLA-Tencor was among the sector's big decliners, dropping $2.78, or 2.6 percent, to $105.07.

Traders also sold off health care and financials stocks, both of which rose 20 percent this year. Health care management company Centene fell $2.02, or 2 percent, to $100.88, while SunTrust Banks gave up 85 cents, or 1.3 percent, to $64.59.

"We've seen a little bit of a rotation from growth back to some of the more defensive names, so it's not surprising to see some ... redistribution to areas that generally haven't participated," said Eric Wiegand, senior portfolio manager for Private Wealth Management at U.S. Bank.

Friday's slide pulled the market lower for the week.

All told, the S&P 500 ended the day down 13.93 points, or 0.5 percent, to 2,673.61. The Dow dropped 118.29 points, or 0.5 percent, to 24,719.22. The Nasdaq fell 46.77 points, or 0.7 percent, to 6,903.39. The Russell 2000 index gave up 13.42 points, or 0.9 percent, to 1,535.51.

Oil and gas futures finished broadly higher Friday. Benchmark U.S. crude added 58 cents, or 1 percent, to settle at $60.42 per barrel on the New York Mercantile Exchange. That's the highest closing price of the year and the first time U.S. crude has finished above $60 a barrel since June 2015.

Brent crude, which is used to price international oils, gained 71 cents, or 1.1 percent, to $66.87 per barrel in London. The price of natural gas continued to rise in response to the harsh winter weather gripping a large swath of the U.S. It gained 4 cents, or 1.3 percent, to $2.95 per 1,000 cubic feet.

Despite the big gain in oil and gas prices, energy stocks were mixed. National Oilwell Varco rose 53 cents, or 1.5 percent, to $36.02, while Range Resources slid 55 cents, or 3.1 percent, to $17.06.

"Just like stocks right now, the futures have a pretty light volume," Kinahan said. "We need some real volumes for people to say, 'OK, this is real.'"

In other energy futures trading, wholesale gasoline rose a penny to $1.80 a gallon, while heating oil added 2 cents, or 1.1 percent, to $2.08 a gallon.

Gold added $12.10, or 0.9 percent, to $1,309.30 an ounce. Silver gained 22 cents to $17.15 an ounce. Copper slipped a penny to $3.30 a pound.

Bond prices rose. The yield on the 10-year Treasury fell to 2.41 percent from 2.43 percent late Thursday.

The dollar finished the year weaker for the first time since 2012. The ICE U.S. Dollar Index, which compares the value of the dollar to a basket of major currencies, declined nearly 10 percent this year, its biggest drop since 2003.

On Friday, the U.S. currency fell to 112.64 yen from 112.87 yen on Thursday. The euro strengthened to $1.2012 from $1.1952.

The price of bitcoin was down 1.1 percent to $14,263 as of 4:48 p.m. ET, according to the tracking site CoinDesk. Bitcoin futures on the Cboe Futures Exchange picked up 5.8 percent to $14,550. The virtual currency has been highly volatile in recent weeks, hitting a record high before sliding sharply last week.

Major stock indexes in Europe finished mixed Friday. Britain's FTSE 100 climbed 0.9 percent, hitting a record on the close of a shortened trading day. Germany's DAX and France's CAC 40 each declined 0.5 percent.

For 2017, Britain's notched a gain of 7.6 percent, while indexes in Germany and France closed the year with gains of 12.5 percent and 9.3 percent, respectively.

In Asia, most markets ended the day with modest gains. Japan's Nikkei 225 closed 0.1 percent lower, while Hong Kong's Hang Seng index gained 0.2 percent. For the year, the Nikkei posted a gain of 19.1 percent, while the Hang Seng finished with a gain of 36 percent.

9647

 

[Joe Blow]

HAPPY NEW YEAR AND MAY YOU ALL HAVE A PROSPEROUS 2018

Happy New Year to you too bigdog! I hope 2018 is a happy and prosperous year for you and your family.

Thank you once again for keeping the ASF community updated on the U.S. markets for yet another year. Your tireless dedication to updating this thread on a daily basis is greatly appreciated.

 

[bigdog]

Markets in Japan were closed for a holiday Jan 2.

The Nasdaq composite busted through another milestone as it closed above 7,000 points.

The Standard & Poor's 500 index rose 22.18 points, or 0.8 percent, to a record 2,695.79.

The Russell 2000 index, which consists of smaller company stocks, gained 14.50 points, or 0.9 percent, to 1,550.51, also a new high.

https://www.usnews.com/news/busines...n-markets-mostly-higher-as-2018-trading-opens

US Stocks Ring in 2018 With Gains as Technology Leads Again
After strong gains in 2017, stocks get off to a positive start and set more records as technology and health care companies rise in the first day of trading in the new year.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Technology and health care companies jumped Tuesday as U.S. stocks started the new year the same way they spent the last one: rising steadily and setting records. Energy companies, which struggled in 2017, also climbed.

Asian markets rose after surveys in China and India showed continued manufacturing growth in the world's most populous countries. U.S. stocks followed suit as investors snapped up shares of companies that should benefit from faster economic growth, including technology, health care and materials companies, just as they did last year. The Nasdaq composite busted through another milestone as it closed above 7,000 points.

"We'll continue to see many of the themes from last year play out," said Kate Warne, an investment strategist for Edward Jones.

She said the global economy should keep growing and businesses and consumers around the world will continue to spend more money. It helps that interest rates are low, and governments in areas that reduced their spending during the Great Recession are becoming more willing to spend.

The Standard & Poor's 500 index rose 22.18 points, or 0.8 percent, to a record 2,695.79. The Dow Jones industrial average climbed 104.79 points, or 0.4 percent, to 24,824.01. The Nasdaq composite jumped 103.51 points, or 1.5 percent, to 7,006.90. The Russell 2000 index, which consists of smaller company stocks, gained 14.50 points, or 0.9 percent, to 1,550.51, also a new high.

The Nasdaq had its best opening day since 2013 as the big technology companies that dominated in 2017 got the new year off to a good start. Facebook rose $4.96, or 2.8 percent, to $181.42 and Apple climbed $3.03, or 1.8 percent, to $172.26. Chipmaker Nvidia climbed $5.85, or 3 percent, to $199.35.

Drug and medical device companies led the health care sector higher. Hepatitis C and HIV drug maker Gilead Sciences gained $2.46, or 3.4 percent, to $74.10. Abbott Laboratories, which sells medications, infant formula and medical devices, picked up $1.72, or 3 percent, to $58.79 and Baxter International gained $2.53, or 3.9 percent, to $67.17.

Retailers also rose. That included Amazon, which added $19.54, or 1.7 percent, to $1,189.01. Retailers that struggled last year, including big box and department stores, also fared well. Target rose $2.38, or 3.9 percent, to $67.63 while Kohl's picked up $2.12, or 3.9 percent, to $56.35. Early indications suggest shoppers had a busy holiday season and investors will look for confirmation of those reports in the weeks to come.

Bond prices slid. The yield on the 10-year Treasury note rose to 2.46 percent from 2.41 percent. The yield on 2-year note rose to 1.92 percent from 1.89 percent.

The increase in bond yields sent high-dividend stocks like utilities, household goods makers and real estate companies lower. Higher bond yields make those stocks less appealing to investors seeking income.

Investors bet that the markets will stay calm, too. The VIX, a measurement of how much volatility investors expect, moved sharply lower. It's been at historic lows since April.

Weight Watchers International climbed after it struck a deal with producer and recording artist DJ Khaled, who will represent the brand to millions of followers on Snapchat, Twitter, Instagram and Facebook. Weight Watchers got a big boost a few years ago from a deal with Oprah Winfrey that also included a substantial investment in the company. Its stock added $3.55, or 8 percent, to $47.83.

Bitcoin rose after the Wall Street Journal reported that the venture capital firm Founders Fund, co-founded by Peter Thiel, bought around $15 million in bitcoin in mid-2017. The report cited anonymous sources. The digital currency rose 11.1 percent to $14,901, according to Coindesk. Thiel did not immediately respond to request for comment.

Benchmark U.S. crude fell 5 cents to $60.37 a barrel in New York. Brent crude, used to price international oils, fell 30 cents to $66.57 barrel in London. A rally late in the year sent crude oil to its highest price since June 2015.

Natural gas futures climbed 10 cents, or 3.5 percent, to $3.06 per 1,000 cubic feet. Natural gas is mostly used to heat homes and demand often rises in frigid weather.

Wholesale gasoline fell 3 cents to $1.76 a gallon. Heating oil declined 1 cent to $2.06 a gallon.

Gold rose $6.80 to $1,316.10 an ounce. Silver rose 6 cents to $17.21 an ounce. Copper lost 2 cents to $3.28 a pound.

The dollar fell to 112.27 yen from 112.64 yen. The euro rose to $1.2055 from $1.2012. The dollar slipped steadily in 2017. The improved global economy was responsible for much of that decline, however, and the weaker dollar makes U.S. exports less expensive in other markets.

Germany's DAX fell 0.4 percent and France's CAC 40 shed 0.5 percent. The British FTSE 100 retreated 0.5 percent.

The Hang Seng in Hong Kong gained 2 percent to and Seoul's Kospi gained 0.5 percent. Markets in Japan were closed for a holiday.

 

[bigdog]

Markets in Japan were closed for New Year holidays but reopen on Thursday.

https://www.usnews.com/news/busines...y-data-wall-st-gains-boost-asian-share-prices

Technology, Energy Help Stocks Sustain Strong Start to 2018
US stocks rise further Wednesday as technology companies including Oracle and Nvidia keep climbing.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Big gains for technology and health care companies helped U.S. stocks set records again Wednesday. Rising crude and heating oil prices also sent energy companies higher.

Chipmakers including Nvidia and Advanced Micro Devices made big gains while Intel skidded following news that its processors have a security flaw that could slow down computers. Energy company Scana, which plunged after it canceled a $9 billion nuclear project and started raising rates to cover its costs, jumped after Dominion Energy agreed to buy it for $7.9 billion in stock.

Energy companies jumped for the second day in a row as oil prices, already at two-and-a-half-year highs, rose again. One reason is that after a pipeline bombing in Libya last month and ongoing anti-government protests in Iran, investors are concerned that oil supplies will get interrupted.

"Something that's coming back into the market which we've been missing over the last few years is this geopolitical risk premium," said Nick Koutsoftas, portfolio manager at Cohen & Steers. Investors didn't worry that much about those risks in recent years because big stockpiles of oil had built up. Those stockpiles are shrinking now, which has helped oil prices but also made them more vulnerable to surprises.

The Standard & Poor's 500 index rose 17.25 points, or 0.6 percent, to 2,713.06. The Dow Jones industrial average added 98.67 points, or 0.4 percent, to 24,922.68. The Nasdaq composite climbed 58.63 points, or 0.8 percent, to 7,065.53. The Russell 2000 index of smaller-company stocks gained 2.56 points, or 0.2 percent, 1,552.58. All four finished at record highs.

Benchmark U.S. crude added $1.26, or 2.1 percent, to $61.63 a barrel in New York. Brent crude, used to price international oils, picked up $1.27, or 1.8 percent, to $67.84 a barrel in London.

Heating oil and natural gas prices have also climbed as severe cold gripped much of the U.S. Heating oil rose 3 cents to $2.09 a gallon, and it's up 12 cents since Dec. 22. Natural gas slid 5 cents to $3.01 per 1,000 cubic feet, and it's up 34 cents over that time.

In other commodities trading, wholesale gasoline added 3 cents to $1.80 a gallon.

Technology companies rose further. Chipmaker Nvidia gained $13.12, or 6.6 percent, to $212.47. Alphabet, Google's parent company, climbed $18.31, or 1.7 percent, to $1,091.52. IBM added $4.24, or 2.7 percent, to $158.49.

Intel slumped after British technology site The Register reported a security problem that affects Intel's processors, and said fixing the problem could slow down computers that use them. Intel said it's working to patch the problem and the average computer user won't experience a significant slowdown as the flaw is fixed. It also said the problem is not limited to its products.

Its stock lost $1.59, or 3.4 percent, to $45.26 in the highest trading volume in more than four years. Other chipmakers traded higher, but analysts weren't sure the problem could threaten Intel's sales

Dominion Energy agreed to buy Scana in a deal that expands the Richmond, Virginia-based company's business in the Carolinas. Dominion Energy is valuing the deal at about $7.9 billion plus $6.7 billion in debt. Scana soared $8.78, or 22.6 percent, to $47.65 and Dominion dropped $3.09, or 3.8 percent, to $77.19.

Scana traded above $70 a share in June but plunged after Scana and partner Santee Cooper said they were abandoning construction of two nuclear reactors. They blamed the project failure on the bankruptcy of contractor Westinghouse. The end of the project and Scana's rate hikes led to harsh criticism and multiple government investigations, and the heads of both Scana and Santee Cooper both stepped down.

Money transfer company MoneyGram International plunged $1.20, or 9 percent, to $12.11 after U.S. regulators blocked the sale of the company to Ant Financial Services Group. It's not clear why the $1.2 billion deal was rejected by the Committee on Foreign Investment in the United States, which reviews proposed foreign acquisitions of U.S. companies on national security grounds. Ant Financial is linked to Alibaba and its chairman, Jack Ma.

Consumer products company Spectrum Brands said it will try to sell its batteries and appliances businesses. Spectrum, which makes Rayovac and Kwikset, wants to concentrate on its other divisions: hardware and home improvement, global auto care, global pet supplies and home and garden. The stock climbed $9.58, or 8.8 percent, to $118.94.

Bond prices rose after a sharp drop the day before. The yield on the 10-year Treasury note fell to 2.45 percent from 2.46 percent.

Gold inched up $2.40 to $1,318.50 an ounce. Silver added 6 cents to $17.27 an ounce. Copper slipped 2 cents to $3.26 a pound.

The dollar rose to 112.52 yen from 112.27 yen. The euro dipped to $1.2018 from $1.2055.

Germany's DAX added 0.8 percent and so did the French CAC 40. In Britain the FTSE 100 rose 0.3 percent. Hong Kong's Hang Seng index picked up 0.1 percent and South Korea's Kospi added 0.3 percent. Markets in Japan were closed for New Year holidays but reopen on Thursday.

 

[bigdog]

Dow Jones Industrials Climb Above 25,000 for the First Time just five weeks after its first close above 24,000.

https://www.usnews.com/news/busines...asian-shares-higher-buoyed-by-wall-st-records

Dow Jones Industrials Climb Above 25,000 for the First Time
The Dow Jones industrial average burst through the 25,000-point mark Thursday, just five weeks after its first close above 24,000.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — The Dow Jones industrial average burst through the 25,000 point mark Thursday, just five weeks after its first close above 24,000.

The Dow passed five 1,000-point barriers in 2017 on its way to a 25 percent gain for the year, as an eight-year rally since the Great Recession continued to confound skeptics.

Strong global economic growth and good prospects for higher company earnings have analysts predicting more gains, although the market may not stay as calm as it has been recently.

The Dow has made a rapid trip from 24,000 points on November 30, partly on enthusiasm over passage of the Republican-backed tax package, which could boost company profits this year with across-the-board cuts to corporate taxes.

"For a long while in 2017 I would say the biggest driver was excitement and anticipation over tax reform, but at a certain point I think there was a handover to global economic growth really helping to carry the stock market," said Invesco Chief Global Markets Strategist Kristina Hooper.

Big gains in U.S. blue chip companies have powered the Dow's relentless rise to new heights over the past year, including an 87 percent gain in aerospace giant Boeing, a 70 percent rise in construction equipment maker Caterpillar and a 49 percent increase in Apple.

The Dow, which was founded in 1896 and is the oldest barometer of the U.S. stock market, has nearly quadrupled in value from its low during the financial crisis in early 2009. But the global economy and spending by people and businesses and governments were much slower to recover than stocks were.

"Instead of fiscal stimulus, we relied on monetary policy stimulus, which inflates asset prices as opposed to the overall economy," Hooper said. Stocks have continued to climb as investors saw signs economic growth was finally improving.

Technology companies, which put up some of the biggest gains in the last year, continued to lead the market higher. And there was more good economic news Thursday: A report showed private U.S. businesses added 250,000 jobs last month, with smaller businesses adding 94,000.

The Dow, which tracks 30 big U.S. companies, rose 152.45 points, or 0.6 percent, to 25,075.13.

The Standard & Poor's 500, a much broader index that professional investors prefer to use as their benchmark for large U.S. stocks, rose 10.93 points, or 0.4 percent, to 2,723.99.

The Nasdaq composite, which is heavily weighted with technology and biotech companies, added 12.38 points, or 0.2 percent, to 7,077.91. All three indexes set record highs a day earlier.

The Nasdaq reached a milestone of its own this week, closing above 7,000 points for the first time Tuesday.

Indexes in some developing countries have done even better than those in Europe and the U.S over the past year. Brazil's benchmark Bovespa is up 28 percent over the past year and the Hang Seng index in Hong Kong is up 39 percent.

Bond prices fell, sending yields higher. The yield on the 10-year Treasury note rose to 2.45 percent from 2.44 percent. Higher bond yields are good news for banks because they can charge higher interest rates on mortgages and other kinds of loans.

President Donald Trump said Thursday that the Dow could reach 30,000, which would take another 20-percent jump. Few on Wall Street expect stocks to climb that much any time soon. Stocks already did far better than most observers expected last year, and corporate earnings aren't rising fast enough to justify that kind of climb.

It wasn't all rosy Thursday. Intel continued to stumble after security researchers at Google and a group of academic institutions discovered serious security flaws in its computer processors. It lost 83 cents, or 1.8 percent, to $44.43 after a 3.4 percent decline Wednesday. Intel said it's working to fix the problem and that it's not the only company affected.

Benchmark U.S. crude rose 38 cents to $62.01 a barrel in New York. Brent crude, used to price international oils, added 23 cents to $68.07 a barrel in London.

France's CAC 40 leaped 1.5 percent and so did Germany's DAX. In Britain the FTSE 100 edged 0.3 percent higher. Japan's Nikkei 225 rose 3.3 percent on the first trading day of the year. South Korea's Kospi lost 0.8 percent while Hong Kong's Hang Seng added 0.5 percent.

In other commodities trading, wholesale gasoline rose 1 cent to $1.81 a gallon. Heating oil fell 1 cent to $2.08 a gallon. Natural gas plunged 13 cents, or 4.3 percent, to $2.88 per 1,000 cubic feet.

Gold rose $3.10 to $1,321.60 an ounce and silver remained at $17.27 an ounce. Copper edged up 1 cent to $3.26 a pound.

The dollar rose to 112.74 yen from 112.52 yen. The euro climbed to $1.2072 from $1.2018.

 

[bigdog]

https://www.usnews.com/news/busines...ain-as-dow-breaks-record-koreas-agree-to-talk

Tech Stocks Climb for Fourth Day as New Year Rally Continues
US stocks rise for the fourth day in a row as the government's December jobs report shows strong hiring in manufacturing and construction and an increase in factory orders.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — After another solid monthly jobs report, technology companies again led the way as U.S. stocks rose for the fourth day in a row to start 2018. They are on their longest new-year winning streak in eight years.

The Labor Department said employers added 148,000 jobs in December. That was a bit less than experts expected, but still underscored the continued health of the economy. Wages grew and factory managers received more new orders than in any month since 2004. Health care and consumer-focused companies also rose, and the weaker dollar gave industrial firms like Boeing and basic materials makers a lift.

Wages and worker productivity are rising at about the same rate, according to Ed Keon, managing director and portfolio manager of QMA, a fund manager owned by Prudential Financial. He said if that trend continues, company profits should stay solid and inflation won't be much of a risk to the economy.

Productivity growth has been weak in recent years, but it jumped 3 percent in the third quarter. Keon said new technologies may now be helping businesses in a bigger way.

"It's possible that we're on the verge of a new productivity revolution," he said. "If we are, that's good news for wages, it's good news for profits, it's good news for economic growth, and it's good news for the stock market."

The Standard & Poor's 500 index gained 19.16 points, or 0.7 percent, to 2,743.15, and rose 2.6 percent for the week. The Dow Jones industrial average added 220.74 points, or 0.9 percent, to 25,295.87. The Nasdaq composite rose 58.64 points, or 0.8 percent, to 7,136.56. The Russell 2000 index of smaller-company stocks rose 4.29 point, or 0.3 percent, to 1,560.01.

The Dow industrials closed above 25,000 points for the first time Thursday and the Nasdaq breached 7,000 points earlier in the week.

The last time stocks rose for at least four consecutive days to start a new year was in 2010, when the S&P 500 finished higher for six days in a row. It rose 1.9 percent over that run.

While job growth has slowed somewhat with the economy close to full employment, solid economic growth in both the U.S. and major countries overseas is still supporting more hiring.

Apple gained $1.97, or 1.1 percent, to $175 and Alphabet, Google's parent company, picked up $14.53, or 1.3 percent, to $1,110.29. Chipmaker Xilinx jumped $3.66, or 5.2 percent, to $74.15 and eBay added $1.12, or 2.9 percent, to $39.69.

Consumer-focused and health care companies also stand to benefit from sustained economic growth. Amazon climbed $19.55, or 1.6 percent, to $1,229.14. Netflix advanced $4.36, or 2.1 percent, to $209.99. Used car retailer CarMax edged up $2.79, or 4.1 percent, to $71.04.

Among health care companies, Align Technology, which doubled last year, surged $7.77, or 3.3 percent, to $241.07 and contact lens and surgical products maker Cooper Companies gained $6.95, or 3.1 percent, to $230.50.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.47 percent from 2.45 percent. The yield on the 2-year note rose to 1.96 percent from 1.95 percent.

With the holiday season in the rearview mirror, companies began to report their most recent results. Wine, liquor and beer maker Constellation Brands fell $5.91, or 2.6 percent, to $219.88 after its third-quarter report disappointed investors. Retailer Francesca's plunged $1.55, or 20.7 percent, to $5.95 after it said it struggled over the holidays as fewer people came to stores and its shoppers spent less. It cut its profit and sales forecasts.

Barnes & Noble fell to its lowest price since 1994 after the bookseller said its sales slumped over the holidays. The struggles weren't limited to its physical stores as online sales dropped 4.5 percent. That's partly because Amazon continues to win over more and more people to its Prime membership program. Barnes & Noble sank 90 cents, or 13.8 percent, to $5.60.

Benchmark U.S. crude lost 57 cents to $61.44 a barrel in New York. Brent crude, used to price international oils, fell 45 cents to $67.62 per barrel in London.

Wholesale gasoline slid 2 cents to $1.79 a gallon. Heating oil declined 2 cents to $2.06 a gallon. Natural gas tumbled 9 cents, or 3 percent, to $2.80 per 1,000 cubic feet.

Gold rose 70 cents to $1,322.30 an ounce and silver picked up 2 cents to $17.29 an ounce. Copper slipped 3 cents to $3.23 a pound.

The dollar rose to 113.14 yen from 112.74 yen. The euro slipped to $1.2050 from $1.2072.

Germany's DAX gained 1.2 percent and the CAC 40 of France added 1.1 percent. The FTSE 100 in Britain rose 0.4 percent. South Korea's Kospi jumped 1.3 percent after North and South Korea agreed to hold their first official dialogue in more than two years next week to discuss ways to cooperate on the upcoming Winter Olympics in the South. Earlier, the United States and South Korea agreed to delay annual joint military exercises until after the Games, which will be held in February. Japan's Nikkei 225 rose 0.9 percent and the Hang Seng in Hong Kong climbed 0.3 percent.

0517

 

[bigdog]

https://www.usnews.com/news/busines...ian-stocks-rise-after-strong-wall-street-week

Stocks Erase Morning Losses, Continuing Strong Start to Year
U.S. stock indexes ticked higher and added to their record run after erasing a short-lived bout of weakness.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — The stock market's perfect start to the year rolled on, and the Standard & Poor's 500 index shook off a bit of weakness on Monday to tick further into record territory.

Stocks had dipped in early trading, and the S&P 500 appeared to be on pace for its first down day of the year. But accelerating gains for dividend-paying and technology stocks helped offset losses in the health care industry, and the S&P 500 eked out a fifth straight gain. Other U.S. indexes edged higher or held close to their record levels.

"We're getting a bit tired hearing ourselves talking about the solid economic backdrop and strong earnings growth, but that is the backdrop," said Jon Adams, senior investment strategist for BMO Global Asset Management.

He is optimistic that stocks can continue to rise from their record levels due to the trends, even though the market is more expensive than it usually is relative to corporate profits. "Everyone is talking about the synchronized economic growth" around the world, he said, "but it's something we haven't seen for 10 years."

The S&P 500 rose 4.56 points, or 0.2 percent, to 2,747.71. The last time the index led off a year with more consecutive gains was in 2010, when it had six.

The Dow Jones industrial average slipped 12.87, or 0.1 percent, to 25,283.00, the Nasdaq composite rose 20.83, or 0.3 percent, to 7,157.39 and the Russell 2000 index of small-cap stocks gained 1.80, or 0.1 percent, to 1,561.81.

One of the biggest gains in the S&P 500 came from Kohl's, which jumped after it raised its earnings forecast for the year. The retailer said its sales climbed nearly 7 percent in November and December from a year earlier, and its new profit forecast easily topped Wall Street's expectations.

Kohl's rose $2.54, or 4.7 percent, to $56.90.

High-dividend stocks were also strong, with utilities up 0.9 percent for the biggest gain of the 11 sectors that make up the S&P 500. They got help from falling Treasury yields, which make dividends more attractive for investors seeking income. The yield on the 10-year Treasury dipped to 2.47 percent from 2.48 percent late Friday.

On the losing end for stocks was GoPro, which plunged after it said its revenue fell sharply last quarter. The company had to slash prices on cameras to drive more sales, and it reported preliminary fourth-quarter revenue that fell far short of Wall Street's expectations.

The stock lost 96 cents, or 12.8 percent, to $6.56. GoPro also said it will cut more than 20 percent of its workforce.

Earnings are one of the best predictors for long-term performance of stocks, and a deluge of companies is set to begin reporting their results for the last three months of 2017. The pace will pick up later this week, and analysts and investors will likely be most focused on what CEOs say about their expectations for future earnings.

That's because Wall Street is looking for profits to rise even higher after Washington approved cuts in corporate tax rates last month. The overhaul of the tax system may help some areas of the market more than others, and investors want to see how much companies will raise their forecasts. Stocks tend to track the trend of corporate profits more than anything else over the long term.

In overseas trading, South Korea's Kospi index rose 0.6 percent, and the Hang Seng in Hong Kong gained 0.3 percent.

In Europe, France's CAC 40 rose 0.3 percent, and Germany's DAX was up 0.4 percent. The FTSE 100 in London dropped 0.4 percent.

The dollar slipped to 113.07 Japanese yen from 113.14 yen late Friday. The euro fell to $1.1965 from $1.2050, and the British pound edged down to $1.3564 from $1.3565.

Benchmark U.S. crude rose 29 cents to settle at $61.73 per barrel. Brent crude, the international standard, gained 16 cents to settle at $67.78 per barrel.

Natural gas rose 4 cents to $2.84 per 1,000 cubic feet, heating oil fell 1 cent to $2.05 per gallon and wholesale gasoline added 1 cent to $1.79 per gallon.

Gold fell $1.90 to $1,320.40 per ounce, silver lost 14 cents to $17.14 per ounce and copper dipped a penny to $3.22 per pound.

 

[bigdog]

https://www.usnews.com/news/busines...an-shares-mostly-rise-on-wall-street-optimism

S&P 500 Keeps Climbing as Calm Continues to Reign for Stocks
Stocks around the world keep climbing in the new year, and the Standard & Poor's 500 index added to its record high.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Stocks pushed further into record territory Tuesday, and the Standard & Poor's 500 index's immaculate start to the year extended to a sixth day.

Health care stocks and banks led the way, as calm continues to reign over markets around the world. The strong gains overshadowed weakness for dividend-paying stocks and other areas of the market hurt by rising interest rates after 10-year Treasury yields hit their highest level since March.

The S&P 500 rose 3.58 points, or 0.1 percent, to 2,751.29 to equal its longest winning streak leading off a year since 2010.

The Dow Jones industrial average rose 102.80 points, or 0.4 percent, to 25,385.80, the Nasdaq composite gained 6.19 points, or 0.1 percent, to 7,163.58 and the Russell 2000 index of small-cap stocks slipped 1.71, or 0.1 percent, to 1,560.10.

They're the latest steps higher for stocks, which have been rising at a remarkably steady pace for more than a year as investors bask in a global economy that's strengthening in sync. Corporate profits are also on the upswing, and Washington's recently approved tax cut should goose earnings even higher.

The powerful combination has kept markets marching higher, even though stock prices have grown to become more expensive than usual, relative to corporate profits.

"I would like to say that there's something onerous coming, just because it would be different from what everyone is talking about," said Nate Thooft, senior portfolio manager at Manulife Asset Management. But he expects the market to continue gliding higher as the economy and corporate profits strengthen.

Health care stocks rose 1.1 percent for the biggest gain among the 11 sectors that make up the S&P 500.

Boston Scientific was at the front of the pack after it gave preliminary results for its revenue last quarter that were stronger than Wall Street was expecting. The medical device company's shares rose $2.15, or 8.3 percent, to $27.96.

Illumina likewise reported preliminary results for fourth-quarter revenue that topped analysts' expectations. Shares of the company, which makes tools for genetic analysis, jumped $15.74, or 6.9 percent, to $242.80.

Companies are set to begin reporting their results for the last three months of 2017, and the pace will pick up later this week. They'll need to deliver strong profit growth to justify the big moves they've made already.

Investors, though, are also interested in what CEOs say about how Washington's overhaul of the tax system last month will affect their bottom lines.

Strategists at Goldman Sachs say the tax changes will account for more than a third of the 14 percent growth they're forecasting for S&P 500 earnings per share in 2018.

Target cited taxes on Tuesday as one reason for raising its profit forecast for the year. It also became the latest retailer to say it enjoyed a strong holiday season, and its shares rose $1.96, or 2.9 percent, to $69.14.

On the losing end of the market were stocks that pay big dividends, which tend to move in the opposite direction of bond yields.

The yield on the 10-year Treasury note rose to 2.55 percent from 2.48 percent late Monday. That makes dividend-paying stocks less attractive relative to bonds for investors seeking income.

Telecom stocks in the S&P 500 fell 1.8 percent for the worst performance in the index. Real-estate stocks lost 1.1 percent, and utilities dropped 1 percent.

Some areas of the market can benefit from rising interest rates. Banks can make bigger profits from making loans, for example, and financial stocks in the S&P 500 climbed 0.7 percent.

In markets abroad, Japan's Nikkei 225 added 0.6 percent, Hong Kong's Hang Seng rose 0.4 percent and the Shanghai Composite inched up 0.1 percent. South Korea's Kospi lost 0.1 percent.

The CAC 40 in France rose 0.7 percent, the DAX in Germany rose 0.1 percent and the FTSE 100 in London gained 0.4 percent.

The dollar fell to 112.61 Japanese yen from 113.07 yen late Monday. The euro fell to $1.1933 from $1.1965, and the British pound dipped to $1.3534 from $1.3564.

Benchmark U.S. crude oil rose $1.23 to settle at $62.96 per barrel. Brent crude, the international standard, rose $1.04 to settle at $68.82 per barrel.

Natural gas gained 9 cents to $2.92 per 1,000 cubic feet, heating oil rose 2 cents to $2.07 per gallon and wholesale gasoline climbed 4 cents to $1.84 per gallon.

Gold fell $6.70 to settle at $1,313.70 per ounce, silver dropped 13 cents to $17.01 per ounce and copper slipped a penny to $3.22 per pound.

 

[bigdog]

https://www.usnews.com/news/busines...rices-mostly-lower-as-wall-street-rally-fades

Perfect Start for Stocks in 2018 Stalls After Rates Rise
The stock market's fantastic start to 2018 stalled out on Wednesday after interest rates climbed even further.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — The stock market's fantastic start to 2018 stalled on Wednesday after real-estate companies and other dividend payers sank on concerns about rising interest rates.

The losses knocked indexes a bit off their record highs and provided the first minor hiccup for a market that had climbed six straight days to start the year. Stocks fell after the yield on the 10-year Treasury reached its highest level since March, but they ended up recovering most of their losses as the day progressed and rates pulled back.

The Standard & Poor's 500 index fell 3.06 points, or 0.1 percent, to 2,748.23 after being down as much as 0.6 percent in the morning. The loss snapped the index's longest winning streak to start a year since 2010.

The Dow Jones industrial average dropped 16.67, or 0.1 percent, to 25,369.13, the Nasdaq composite fell 10.01, or 0.1 percent, to 7,153.57 and the Russell 2000 index of small-cap stocks slipped 0.30 points, or less than 0.1 percent, to 1,559.80.

"Last year was an investor's dream and a nightmare" for short-term traders because of how calm and strong the market was, said Kirk Hartman, global chief investment officer for Wells Fargo Asset Management. "I think this is going to be a better year for traders because you're going to get some volatility."

That's in part because he expects interest rates to climb as the government's need to borrow rises and as the Federal Reserve increases rates and pulls back from bond purchases it made to aid the economy.

Low interest rates have been one of the main propellants for the stock market's calm rise to records. They make borrowing easier for companies and people, which greases the skids for economic growth. Low rates also make bonds less attractive, which pushes investors into stocks.

Investors have long been preparing for a gradual increase in bond yields, and Hartman said stocks can keep climbing as long as rates do rise at a measured pace. But a sudden or sharp jump in rates could easily upset markets.

The yield on the 10-year Treasury went as high as 2.59 percent in the morning before falling back to 2.55 percent, the same level it was at late Tuesday. That's up from 2.40 percent at the start of the year.

A report from Bloomberg News said that China is considering a slowdown or halt to its purchases of Treasurys, which helped push rates higher. Investors are also speculating about whether Japan's central bank will slow its bond purchases to keep rates low.

The rise in rates sent companies that pay big dividends to the biggest losses. Real estate, utility and telecom stocks tend to move in the opposite direction of interest rates because higher bond yields can lure away investors seeking income.

Real-estate stocks fell 1.5 percent for the sharpest loss of the 11 sectors in the S&P 500. Utilities lost 1.1 percent, and telecoms fell 0.9 percent.

On the opposite end were banks, which can make bigger profits from loans when interest rates rise. Financial stocks in the S&P 500 rose 0.8 percent.

United Continental jumped to the biggest gain in the S&P 500 after the airline said a key revenue trend last quarter was better than it had earlier forecast. It credited stronger demand and fares. United rose $4.60, or 6.7 percent, to $73.08.

Signet Jewelers had the largest loss of the S&P 500 after it reported weaker sales for the holiday season than a year earlier. Signet dropped $3.90, or 6.9 percent, to $52.69.

The dollar fell to 111.35 Japanese yen from 112.61 yen late Tuesday. The euro rose to $1.1957 from $1.1933, and the British pound fell to $1.3519 from $1.3534.

In the commodities markets, gold rose $5.60 to settle at $1,319.30 per ounce, silver added 3 cents to $17.04 per ounce and copper gained 2 cents to $3.24 per pound.

Benchmark U.S. crude added 61 cents to settle at $63.57 per barrel. Brent crude, the international standard, gained 38 cents to $69.20 a barrel.

In overseas stock markets, Japan's Nikkei 225 index fell 0.3 percent, South Korea's Kospi lost 0.4 percent and the Hang Seng in Hong Kong added 0.2 percent.

France's CAC 40 fell 0.3 percent, the FTSE 100 in London added 0.2 percent and Germany's DAX lost 0.8 percent.

 

[bigdog]

https://www.usnews.com/news/busines...-shares-mixed-after-wall-street-rally-fizzles

US Stocks Brush off Year's First Wobble, Return to Records
Global stock markets stabilize after China-led wobble, oil prices rise.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks brushed aside their first wobble of the year and got back to setting records on Thursday. Energy stocks led the way after the price of oil touched its highest level since 2014.

The gains for indexes marked a return to calm, after a whiff of nervousness wafted through markets a day earlier as interest rates rose. After rates held steady on Thursday, the Standard & Poor's 500 index marked its seventh gain in the last eight days.

The S&P 500 rose 19.33 points, or 0.7 percent, to a record 2,767.56. The Dow Jones industrial average rose 205.60 points, or 0.8 percent, to 25,574.73, the Nasdaq composite gained 58.21 points, or 0.8 percent, to 7,211.78 and the Russell 2000 index of small-cap stocks surged 26.99 points, or 1.7 percent, to 1,586.79.

Optimism about a strengthening global economy and growing corporate profits have helped propel markets even though stocks have become more expensive than they've historically been relative to earnings.

The market's smooth ride upward hit a bump Wednesday when worries rose that a jump in interest rates could derail the ascent. Rates have been ultra-low since the Great Recession, a culmination of a decline in bond yields over the last three-plus decades.

"Everyone's on edge about waiting for what's to come," even though central banks have promised to take a slow path toward higher rates, said Marina Severinovsky, investment strategist at Schroders.

"There shouldn't be a falling-off-the-cliff mentality, but we're so primed," she said. "We're 30 years into this, waiting for the trigger."

Rates retreated on Thursday after China's foreign exchange regulator challenged a report that had helped drive up yields, which said China may slow or halt purchases of U.S. Treasurys. A U.S. government report on Thursday also showed that inflation was weaker on the wholesale level last month than economists expected.

The yield on the 10-year Treasury note dipped to 2.53 percent from 2.56 percent late Wednesday. It had climbed as high as 2.59 percent on Wednesday.

While a quick jump in rates could easily jolt markets out of the calm ride they've been on, investors say markets are prepared for a gradual rise.

"We're all anticipating rising rates, and have been for some time," Severinovsky said. "Given where global growth is, we should have higher rates than we do today."

Energy stocks were the day's biggest stars after the price of oil touched its highest price in more than three years. Benchmark U.S. crude gained 23 cents to settle at $63.80 per barrel after earlier climbing as high as $64.77. Brent crude, the international standard, gained 6 cents to $69.26 per barrel.

That helped drive energy stocks in the S&P 500 to a 2 percent gain, the largest among the 11 sectors that make up the index. They're at their highest level since the end of 2016.

Anadarko Petroleum had one of the biggest gains in the index after jumping $3.09, or 5.6 percent, to $58.50.

The stock market has repeatedly shrugged off concerns through its placid ride to records. Whether investors are worried about a pickup in rates in the future or about how stocks have become more expensive than usual, any dip for the market over the last year has been shallow and short.

That's rewarded investors who have repeatedly "bought the dip" and seen every wobble in prices as a buying opportunity. The next test for the market may arrive in coming weeks as companies report how much profit they made in the last three months of 2017.

Businesses will need to produce strong growth to justify the gains their stocks have made, and expectations are also high that CEOs will unveil encouraging profit forecasts for 2018 after Washington cut their income-tax rates.

In markets abroad, Japan's Nikkei 225 fell 0.3 percent, South Korea's Kospi retreated 0.5 percent and Hong Kong's Hang Seng index edged 0.2 percent higher.

Britain's FTSE 100 rose 0.2 percent, France's CAC 40 was down 0.3 percent and Germany's DAX dipped 0.6 percent.

The dollar dipped to 111.09 Japanese yen from 111.35 late Wednesday. The euro rose to $1.2036 from $1.1957, and the British pound rose to $1.3536 from $1.3509.

In the commodities markets, gold gained $3.20 to settle at $1,322.50 per ounce, silver lost 7 cents to $16.97 per ounce and copper rose 2 cents to $3.23 per pound.

Natural gas rose 18 cents to settle at $3.08 per 1,000 cubic feet, heating oil was nearly flat at $2.08 per gallon and wholesale gasoline was steady at $1.84 per gallon.

 

[bigdog]

https://www.usnews.com/news/busines...-rise-on-wall-st-oil-gains-nikkei-dips-on-yen

Stocks Keep Pushing Higher in 2018, Led by Retailers
Rising retailers pushed U.S. stock indexes further into record territory.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Rising retailers pushed U.S. stock indexes further into record territory on Friday, as the market's fabulous start to 2018 carried through its second week.

Interest rates also climbed after a report showed that a key component of inflation accelerated last month. But stocks absorbed the gains without a hiccup, unlike earlier in the week when rate worries helped send the Standard & Poor's 500 lower for its lone blemish this year.

The S&P 500 rose 18.68 points, or 0.7 percent, to 2,786.24 on Friday to close out its seventh week of gains in the last eight. The index is already up more than 4 percent for 2018.

The Dow Jones industrial average climbed 228.46, or 0.9 percent, to 25,803.19, the Nasdaq composite rose 49.28, or 0.7 percent, to 7,261.06 and the Russell 2000 index of small-cap stocks gained 5.18, or 0.3 percent, to 1,591.97.

Retailers led the way after a government report confirmed that the holiday shopping season was a strong one, with retail sales rising 0.4 percent last month following a 0.9 percent surge in November. The numbers fit with what individual retailers have said recently, and several have raised their profit forecasts as a result.

Shares of Kohl's, Target, Nordstrom and Dollar Tree all jumped more than 3 percent.

Treasury yields, meanwhile, rose after a key measure of inflation rose more last month than economists expected.

Overall inflation slowed in December, but that was mostly due to gasoline and other items that are prone to quick changes in price. "Core" inflation, which looks at the steadier components of the consumer price index, accelerated more than expected last month.

That pushed the yield on the two-year Treasury to 2.00 percent from 1.98 percent late Thursday. The yield on the 10-year Treasury note held steady at 2.54 percent after climbing as high as 2.59 percent in the morning.

Investors have been preparing for a gradual rise in rates, as the Federal Reserve slowly removes the aid it provided the economy following the Great Recession. The worry is that a surprise spike in inflation would force central banks to move more quickly on rates than investors expect and upset markets.

Stocks have been remarkably calm and strong for more than a year. Sandy Villere, a partner and portfolio manager at Villere & Co., said he's optimistic stocks can rise even further because the economy is strengthening and Washington's move to cut tax rates last month will boost corporate profits, among other reasons.

But some caution is starting to creep in as prices keep climbing. Villere said he's holding more cash than prior years as the types of stocks he prefers become more difficult to find: companies with strong growth but low prices relative to their earnings and growth.

"We're not fully invested at this point, but we haven't switched to pure defense yet either," Villere said. "Things are good enough to keep things going solidly, at least for the first half of 2018. We try not to be greedy about it."

The next tests for companies will arrive in coming weeks, as they report their results for the last three months of 2017. Expectations are generally high, and analysts are forecasting growth of nearly 11 percent for S&P 500 earnings per share, according to S&P Global Market Intelligence.

Financial companies are some of the earliest to report, and BlackRock jumped $17.61, or 3.3 percent, to $555.53 after it reported stronger earnings than analysts expected.

On the losing end was Facebook, which fell after the social-media giant said it will show users fewer posts from brands and fewer videos in favor of more posts from friends and family. The changes may mean people spend less time on Facebook, and less advertising revenue for the company.

Facebook dropped $8.40, or 4.5 percent, to $179.37.

In markets abroad, Japan's Nikkei 225 index lost 0.2 percent, South Korea's Kospi advanced 0.3 percent and Hong Kong's Hang Seng jumped 0.9 percent.

France's CAC 40 gained 0.5 percent, the FTSE 100 in London rose 0.2 percent and Germany's DAX climbed 0.3 percent.

The euro jumped to $1.2181 from $1.2036 late Thursday. The British pound rose to $1.3734 from $1.3536, and the dollar held steady at 111.09 Japanese yen.

In the commodities markets, benchmark U.S. crude rose 50 cents to settle at $64.30 per barrel. Brent crude, the international standard, gained 61 cents to $69.87 per barrel.

Natural gas gained 12 cents to $3.20 per 1,000 cubic feet, heating oil added a penny to $2.09 per gallon and wholesale gasoline rose 1 cent to $1.85 per gallon.

Gold rose $12.40 to settle at $1,334.90 per ounce, silver added 18 cents to $17.14 per ounce and copper dipped a penny to $3.22 per pound.

1669

 

[bigdog]

US Shut for Holiday January 15

Dollar's Fall Weighs on Global Stocks as US Shut for Holiday
Global stock markets are mostly lower amid a broad-based drop in the dollar and a US holiday.

https://www.usnews.com/news/busines...rkets-edge-higher-us-dollar-falls-against-yen

By YOUKYUNG LEE, AP Business Writer

SEOUL, South Korea (AP) — Global stocks mostly fell on Monday as the dollar weakened across the board, pinching the outlook for export-driven regions like Europe. The U.S. market remained closed for a holiday.

KEEPING SCORE: Britain's FTSE 100 fell 0.1 percent to 7,768.12 while Germany's DAX dropped 0.3 percent to 13,209.37 and France's CAC 40 ended the day roughly unchanged at 5,519.41. U.S. markets remained closed for Martin Luther King Jr. Day.

DOLLAR: The dollar fell in value against most currencies, extending its losses so far this year. Some economists attribute it to optimism about economic growth in regions like Europe and Japan, where central banks are getting closer to easing off their bond-buying stimulus programs, which have weighed on their currencies in the past. A stronger euro and yen, in turn, tend to weigh on many stocks in Europe and Japan, which are export-focused economies.

The dollar slipped to 110.56 Japanese yen on Monday from 111.04 yen the previous trading day. The euro strengthened to $1.2263 from $1.2199. The British pound hit $1.3820, its highest level against the dollar since before the Brexit referendum in June 2016, before edging back to $1.3800, up from $1.3725 the previous day.

ASIA'S DAY: Asian markets except China mostly finished with modest gains. Japan's Nikkei 225 rose 0.3 percent to 23,714.88 and South Korea's Kospi added 0.3 percent to 2,503.73. Hong Kong's Hang Seng index dipped 0.2 percent to 31,338.87 and China's Shanghai Composite Index slipped 0.5 percent to 3,410.49. Australia's S&P/ASX 200 inched up 0.1 percent to 6,077.10.

CHINA RISK: Shares slipped in Shanghai and Shenzhen after the China Banking Regulatory Commission issued a notice over the weekend calling for stricter oversight of financial risks. The notice took aim at preventing banks from shifting funds into stocks, property investments, local government financing vehicles and industries that violate national policies on pollution or excess capacity, among other areas of concern.


OIL: Energy prices rose further as the fall in the dollar made crude oil cheaper for international investors. Benchmark U.S. crude rose 22 cents to $64.52 per barrel in electronic trading on the New York Mercantile Exchange. That is its highest in about three years. Brent crude, the international standard, gained 16 cents to $70.03 per barrel.

 

[dutchie]

11 years ago bigdog posted the initial post in this thread

Since that day he has kept ASF members informed on the US markets and now generally on the World markets.
This must be a world record for continuous updating of a thread in any type of forum based site.
As can be seen on his initial post that he was then retired but obviously he has had a daily job updating this thread.

CONGRATULATIONS BIGDOG !!

On behalf of all ASF members we wish you well and thank you for your contributions. We hope you continue the good work.

 

[Joe Blow]

CONGRATULATIONS BIGDOG !!

On behalf of all ASF members we wish you well and thank you for your contributions. We hope you continue the good work.

The dedication of members like bigdog is what keeps ASF going. It's all about pitching in and helping others in whatever way you can. We are a community and the contributions of those who are a part of it is what makes the community stronger.

Thanks bigdog! Your 11 years of tireless commitment to keeping ASF members and visitors informed is sincerely appreciated. I'm sure I'm not the only one looking forward to another eleven years of updates.

 

[bigdog]

Joe, thank you for your kind words
John

https://www.usnews.com/news/busines...dvance-as-investors-look-ahead-to-us-earnings

Dow Industrials Recede From 26,000 as Early Gains Fade
Losses by industrial and technology companies helped pull U.S. stocks lower Tuesday, pulling the market back from its latest record highs.

By ALEX VEIGA, AP Business Writer

Losses by industrial and technology companies helped pull U.S. stocks lower Tuesday, pulling the market back from its latest record highs.

The slide erased some of the gains from a broad rally earlier in the day that had sent the Dow Jones industrial average past the 26,000-point threshold for the first time.

Energy stocks also fell as crude oil prices declined. Health care stocks were among the gainers as investors sized up the latest company earnings and deal news following a long holiday weekend.

"We've come perhaps a little bit too far, too fast," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. "If you look at year-to-date performance, you have the broad popular indices up roughly 3 to almost 5 percent in two weeks' trading. That's a fairly torrid pace and a pace that we think is perhaps a little aggressive, so a little bit of a pause here would perhaps be constructive."

The Standard & Poor's 500 index fell 9.82 points, or 0.4 percent, to 2,776.42. The Dow lost 10.33 points, or 0.04 percent, to 25,792.86. It had been up as much as 282 points earlier. The Nasdaq shed 37.38 points, or 0.5 percent, to 7,223.69. The Russell 2000 index of smaller-company stocks gave up 19 points, or 1.2 percent, to 1,572.97.

Bond prices rose. The yield on the 10-year Treasury fell to 2.54 percent from 2.55 percent late Friday.

The Dow's latest milestone-setting move happened shortly after the market opened Tuesday as investors weighed encouraging earnings from Citigroup and UnitedHealth Group.

It took the Dow seven trading days since it first closed above 25,000 on Jan. 4 to cross the 26,000-point threshold. That's faster than the 23 days it took the Dow to go from 24,000 to 25,000 points, which was a record thousand-point swing.


The milestone moment didn't last. The rally lost steam by early afternoon, ultimately pulling the Dow and the other major indexes into the red.

Even with Tuesday's reversal the stock market is off to a stellar start in 2018. The S&P 500 index has closed lower only one other day this year. It capped last week with its seventh weekly gain in the past eight.

Investors have been encouraged by strong global growth and rising company earnings. For the next few weeks, traders will have their eye on companies reporting results for the final quarter of 2017 for details on how the tax overhaul that took effect earlier this year will affect corporations.

Many companies are taking one-off charges for bringing home money held abroad, but traders expect them to benefit in the long run from the decision to cut the standard tax rate from 35 percent to 21 percent and are bidding up their share prices.

On Tuesday, Citigroup reported an $18.3 billion loss for the fourth quarter due to the new tax law. But excluding the one-time charges, Citigroup earned a profit. The stock added 27 cents to $77.11.

UnitedHealth Group gained 1.9 percent after its said earnings more than doubled in the final quarter of 2017. The nation's largest insurer also raised its forecast well beyond expectations, largely due to help from the federal tax overhaul. The stock picked up $4.26 to $232.90.

Elsewhere in the market, particularly with technology and industrial stocks, investors opted to sell.

"A big concern is the market right now is: 'Is tax reform priced in?'" said Lindsey Bell, investment strategist at CFRA Research.

Alliance Data Systems led the technology sector decliners, shedding $18.30, or 6.6 percent, to $258.07. General Electric was among the biggest laggards in the industrials sector. The conglomerate slid 2.9 percent after the company said it was taking a $6.2 billion charge related to its insurance portfolio. GE lost 55 cents to $18.21.


Viacom tumbled 7 percent after following several reports saying the media company is not in talks to merge with CBS Corp. The slide followed a sharp jump in Viacom Friday after a published report suggested that a merger might be a possibility. Viacom fell $2.38 to $31.38. CBS rose 60 cents, or 1 percent, to $59.43.

The price of bitcoin slumped, deepening its slide this year, after South Korea's top financial policymaker said that banning trading in digital currencies was an option.

Bitcoin sank 21.1 percent to $10,718 as of 4:48 p.m. Eastern Time Tuesday, according to the tracking site CoinDesk. Bitcoin futures on the Cboe Futures Exchange settled 19.9 percent lower at $11,055. The futures allow investors to make bets on the future price of bitcoin.

The price of bitcoin soared last year after starting 2017 under $1,000, but has been hurt this year amid signs of potentially increased scrutiny from governments. Many finance pros believe bitcoin is in a speculative bubble that could burst any time.

Energy stocks also declined following a drop in crude oil prices. Range Resources lost 80 cents, or 4.6 percent, to $16.78.

Benchmark U.S. crude fell 57 cents to $63.73 per barrel. Brent crude, used to price international oils, shed 99 cents, or 1.4 percent, to $69.27.

Merck rose after the drugmaker announced positive results from a clinical trial for a lung cancer treatment. The stock led all the gainers in the S&P 500, climbing $3.41, or 5.8 percent, to $62.07.


Gold rose $2.20 to $1,337.10 an ounce. Silver added 5 cents to $17.19 an ounce. Copper was little changed at $3.22 a pound.

The dollar fell to 110.30 yen from 111.09 yen on Friday. The euro strengthened to $1.2271 from $1.2181.

In other energy trading, wholesale gasoline slipped 2 cents to $2.06 a gallon. Heating oil lost a penny to $1.84 a gallon. Natural gas fell 7 cents, or 2.2 percent, to $3.13 per 1,000 cubic feet.

Germany's DAX gained 0.3 percent and France's CAC 40 added 0.1 percent. London's FTSE 100 shed 0.2 percent.

Tokyo's Nikkei 225 added 1 percent, while Hong Kong's Hang Seng jumped 1.8 percent. Seoul's Kospi rose 0.7 percent.

 

[bigdog]

THE CHART BELOW FOR ALL INDEXES INCLUDES:
52 WEEK HIGH AND LOW AND
52 WEEK HIGH AND LOW CHANGE

-- THE DOW HAS GAINED +6437.71 POINTS OR 32.72% FOR THE YEAR

-- THE ALL ORDINARIES HAS GAINED +499.20 POINTS OR 8.86% FOR THE YEAR

https://www.usnews.com/news/busines...track-weakness-on-wall-st-china-shares-higher

US Stock Rally Lifts Dow to First Close Above 26,000 Points
A broad rally on Wall Street propelled the Dow Jones industrial average to close above 26,000 points for the first time Wednesday.

By ALEX VEIGA, AP Business Writer

A broad rally on Wall Street propelled the Dow Jones industrial average to close above 26,000 points for the first time Wednesday.

The sharp gains also delivered record highs for the Standard & Poor's 500 index and the Nasdaq composite, wiping out the market's modest losses from a day earlier.

Technology and health care companies accounted for much of the gains. Financials stocks also rose, even as some big banks fell after reporting hefty quarterly losses.

"As yesterday's pullback suggests, investors and traders will come back into a market in which they still see an upside," said Quincy Krosby, chief market strategist at Prudential Financial. "But the market remains overbought, and an overbought market is susceptible to a pullback."

The Dow gained 322.79 points, or 1.3 percent, to 26,115.65.

The S&P 500 index rose 26.14 points, or 0.9 percent, to 2,802.56. The Nasdaq added 74.59 points, or 1 percent, to 7,298.28. The Russell 2000 index of smaller-company stocks picked up 13.69 points, or 0.9 percent, to 1,586.66.

The Dow traded above the 26,000-point threshold on Tuesday, but wound up closing lower. Its surge Wednesday was driven in part by a gain in Boeing, which posted the biggest gain in the 30-company average.

With the stock market reaching records so often, 1,000-point moves in the Dow have become increasingly commonplace. It's been just eight trading days since the Dow had its first close above 25,000 on Jan. 4. That's faster than the 23 days it took the Dow to go from 24,000 to 25,000 points.

The stock market is off to a stellar start in 2018. The S&P 500 index has closed lower only twice this year. It capped last week with its seventh weekly gain in the past eight.


Investors have been encouraged by strong global growth, rising company earnings and the prospects for further corporate profits thanks to the tax overhaul signed into law last month, which cut the top tax rate for corporations from 35 percent to 21 percent.

Technology stocks were again some of the biggest winners. Lam Research led the S&P 500 with a gain of $14.69, or 7.7 percent, to $205.08. Investors also bid up health care stocks, including Anthem. The insurer added $7.40, or 3.1 percent, to $249.15.

Industrial stocks rose after the Federal Reserve said U.S. industrial production increased 0.9 percent in December. Boeing rose $18.85, or 4.7 percent, to $351.01.

Juno Therapeutics soared 51.9 percent after the Wall Street Journal reported that biotech drugmaker Celgene might buy it. Juno is one of several companies developing therapies that involve genetically engineering patients' blood cells to fight cancer. Juno rose $23.65 to $69.25. Celgene fell $2.80, or 2.7 percent, to $102.02.

Some big companies were left out of Wednesday's rally.

Ford Motor slumped 7 percent after the automaker gave a disappointing profit forecast for the year because of weaker sales in the U.S., higher commodity costs and its investments in new electric and hybrid cars. The stock was the biggest decliner in the S&P 500, giving up 92 cents to $12.18.

Goldman Sachs and Bank of America also closed lower after their latest quarterly results disappointed Wall Street.

Goldman said it lost $1.93 billion in the fourth quarter as the investment bank had to record more than $4 billion in charges related to the new tax law. Goldman's trading desks had a weak quarter. The stock declined $4.81, or 1.9 percent, to $253.65.


Bank of America's fourth-quarter profits fell by nearly half from a year ago, as the bank had to book $2.9 billion in charges related to the tax law. The stock slid 6 cents, or 0.2 percent, to $31.18.

U.S. crude added 24 cents to $63.97 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 23 cents to $69.38 a barrel.

Gold rose $2.10 to $1,339.20 an ounce. Silver dropped 2 cents to $17.17 an ounce. Copper fell 3 cents to $3.19 a pound.

The dollar rose to 111.13 yen from 110.30 yen on Wednesday. The euro fell to $1.2235 from $1.2271.

The price of bitcoin extended its slide Wednesday, though by late afternoon it had pared most of its losses from earlier in the day. The digital currency fell 1.6 percent to $11,172, according to the tracking site CoinDesk.

Bitcoin futures on the Cboe Futures Exchange fell 2.6 percent to $10,820. The futures allow investors to make bets on the future price of bitcoin. Many finance pros believe bitcoin is in a speculative bubble that could burst any time.

Heating oil futures gained a penny to $2.07 a gallon. Wholesale gasoline added 2 cents to $1.86 a gallon. Natural gas picked up 10 cents, or 3.3 percent, to $3.23 per 1,000 cubic feet.

European markets finished lower. Germany's DAX lost 0.5 percent, while the CAC 40 in France slipped 0.4 percent. Britain's FTSE 100 declined 0.4 percent.

Japan's Nikkei 225 index lost 0.4 percent, while the Kospi in South Korea shed 0.3 percent. Hong Kong's Hang Seng rebounded from earlier losses to gain 0.3 percent.

 

[bigdog]

https://www.usnews.com/news/busines...mixed-reverse-early-gains-echoing-wall-street

US Indexes Are Weighed Down by Industrials, Energy Stocks
Losses among Boeing, General Electric and other big industrials companies weighed on U.S. stocks Thursday, pulling the market below the record highs it set the day before.

By ALEX VEIGA, AP Business Writer

Losses among Boeing, General Electric and other big industrial companies weighed on U.S. stocks Thursday, pulling the market below the record highs it set the day before.

Energy stocks contributed to the modest decline following a slide in crude oil prices. Technology companies accounted for the biggest gains. Bond yields climbed to their highest level since March as demand for bonds waned.

Investors kept an eye on the latest company earnings news while also monitoring developments in Washington ahead of a possible federal government shutdown this weekend.

The market's dip from its latest highs represents "just a little setback," said Craig Callahan, chief investment officer at ICON Advisers. "We're still bullish and expect the market to move higher over the next year."

The Standard & Poor's 500 index fell 4.53 points, or 0.2 percent, to 2,798.03. The Dow Jones industrial average lost 97.84 points, or 0.4 percent, to 26,017.81. The Nasdaq slid 2.23 points, or 0.03 percent, to 7,296.05. The Russell 2000 index of smaller-company stocks gave up 9.93 points, or 0.6 percent, to 1,576.73.

Losers outnumbered winners by almost three to one. Trading in declining stocks also was more than twice as heavy as it was in shares that rose.

The major indexes, which hit record highs Wednesday, wavered between small gains and losses for much of the day as investors continued to size up company earnings and economic data.

The Commerce Department said Thursday that grounbreakings on new U.S. homes declined in December to a seasonally adjusted annual rate of 1.19 million units. The drop was a reversal from robust gains for October and November.

Traders also kept tabs on Washington, where Republicans and Democrats scrambled to avert a possible federal government shutdown before a midnight Friday deadline.

Republicans were trying to pass a funding bill that would prevent the shutdown of federal agencies, but Democrats threatened to vote against the bill unless the White House and GOP lawmakers include protections for younger immigrants who were brought to the U.S. illegally as children.

A shutdown could have a negative impact on consumer spending and financial conditions, though it's unlikely that it would cause lasting or broad damage to the economy, Credit Suisse economists concluded in a note published Thursday.

As for the Wall Street impact, a shutdown could sap some of the momentum that helped drive the stock market to new highs this week, said J.J. Kinahan, chief market strategist at TD Ameritrade.

"If you're going to shut down the government right after that, it's really the kind of thing that would just suck the confidence out of the market overall."

Bond prices fell. The yield on the 10-year Treasury climbed to 2.63 percent from 2.59 percent late Wednesday.

"You're in a little bit of a tough spot with bonds," said Kinahan. "Do you want to buy bonds of a government that's shut down? Yet you want to go for bonds whenever you're looking for protection, and the last time the government shut down, bonds actually rallied."

A slide in industrials stocks weighed heaviest on the market Thursday. Boeing had its worst day since September 2016. The stock lost $10.85, or 3.1 percent, to $340.16. General Electric declined 58 cents, or 3.3 percent, to $16.77.

Alcoa tumbled 7 percent after the company reported a wider loss in the fourth quarter. Alcoa said it will freeze its pension and move some employees to a defined contribution retirement plan starting in 2021 as it looks to cut costs. The stock lost $3.99 to $53.

Several banks also reported quarterly results. Morgan Stanley rose after its latest earnings beat Wall Street's expectations. The stock added 49 cents to $55.84. Bank of NY Mellon and KeyCorp declined after their latest results disappointed traders. Bank of NY Mellon lost $2.54, or 4.4 percent, to $55.35, while KeyCorp dropped 44 cents, or 2.1 percent, to $20.82.

Technology stocks, one of the biggest gainers this year, continued to notch gains. Advanced Micro Devices picked up 29 cents, or 2.4 percent, to $12.47.

Traders welcomed news that Wyndham Worldwide agreed to buy La Quinta's hotel franchise and management business. Shares in La Quinta added 73 cents, or 3.8 percent, to $20.18. Wyndham gained $5.60, or 4.8 percent, to $122.73.

A decline in oil prices weighed on energy sector stocks. Baker Hughes slid $1.55, or 4.3 percent, to $34.74.

Benchmark crude slipped 2 cents to settle at $63.95 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, slid 7 cents to close at $69.31 a barrel.

The dollar rose to 111.98 yen from 111.13 yen on Wednesday. The strengthened to $1.2242 from $1.2235.

The price of bitcoin recouped some of its recent losses. The digital currency gained 2.9 percent to $11,462, according to the tracking site CoinDesk. Bitcoin futures on the Cboe Futures Exchange rose 8.7 percent to settle at $11,765. The futures allow investors to make bets on the future price of bitcoin.

Gold dropped $12 to $1,327.20 an ounce. Silver slipped 21 cents to $16.95 an ounce. Copper rose 1 cent to $3.20 a pound.

In other energy futures trading, wholesale gasoline added 3 cents to $1.88 a gallon. Heating oil dropped a penny to $2.06 a gallon. Natural gas fell 4 cents, or 1.3 percent, to $3.19 per 1,000 cubic feet.

Major stock indexes in Europe finished mixed. Germany's DAX rose 0.7 percent, while France's CAC 40 was little changed. Britain's FTSE 100 fell 0.3 percent.

In Asia, Japan's benchmark Nikkei 225 finished 0.4 percent lower. Hong Kong's Hang Seng added 0.4 percent after China reported 6.9 percent economic growth in 2017, faster than expected. South Korea's Kospi inched up less than 0.1 percent.