Stocks end the day slightly higher

Feb 03, 2018, 07:55
Stocks end the day slightly higher

Stock indexes ended slightly higher on Wall Street after overcoming a brief stumble in the afternoon.

Retailers, restaurant chains and other consumer-focused companies accounted for much of the market's pullback. Oil prices reversed an early slide.

The last such drop on the TSX was more than seven months ago when it lost about 269 points on May 17, 2017. The market was coming off a two-day losing streak and its biggest drop since August.

The Standard & Poor's 500 index fell 1.83 points, or 0.1 percent, to 2,821.98. Eastern Time. The Dow Jones industrial average gained 185 points, or 0.7 percent, to 24,262.

The Nasdaq composite climbed 9 points, or 0.1 percent, to 7,411.48. The Russell 2000 index of smaller-company stocks gave up 1 point, or 0.1 percent, to 1,580.

"From an earnings standpoint, the season has been really good and really strong", said David Lyon, global investment specialist at J.P. Morgan Private Bank.

Stocks moved higher in early trading Wednesday after several big US companies reported strong quarterly results.

The Federal Reserve held the fed funds target rate steady on Wednesday but indicated a more hawkish inflation outlook.

TECH SURGE: Technology companies posted solid gains, recouping some of their losses from a day earlier. Chipmaker Advanced Micro Devices added 72 cents, or 5.6 percent, to $13.59, while Electronic Arts rose $11.58, or 9.8 percent, to $130.28.

The Nasdaq is up 508.09 points, or 7.4 percent.

The S&P 500 declined by 0.1% after rising by 0.4% during the session.

In specific stocks, shares of Facebook hit all-time highs on the back of robust earnings.

DELIVERING A DUD: United Parcel Service slumped 5.7 percent after it said that higher costs affected its business in the fourth quarter.

UNDER THE WEATHER: Health care stocks, including several drugmakers, were among the biggest decliners for the second day in a row.

Amazon.com was up over 6.0 percent in after hours trading after results.

Eight of the 11 major S&P indexes were lower, with the materials index's 1.21 percent fall leading the decliners.

The Dow fell 515 points, or 2 percent, to 25,675.

ENERGY: Benchmark U.S. crude fell 14 cents to $64.36 per barrel on the New York Mercantile Exchange. Brent crude, used to price global oils, gained 22 cents to $68.74 in London.

BOND YIELDS: Bond prices fell.

Bond yields shot higher after the government reported another month of strong job gains and wage growth, further stoking fears of inflation. Bund yields reached a fresh two-year high, while the euro and British pound weakened.

The Wall Street indexes ended Thursday trading session mostly with declines, as investors anxious about rising interest rates. Disappointing results from companies including Deutsche Bank AG and BT Group Plc. paced losses, with Germany's DAX giving up the year's gains, capping the worst weekly decline since 2016. Britain's FTSE 100 fell 0.6 percent. In Greater China, the Hang Seng Index was up 0.14%, while on the mainland, the Shanghai Composite Index rose 0.13%.

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