Stocks ended mostly up Friday, with the Nasdaq hitting a new closing high but the Dow dipping a few points below break-even after coming within about 50 from the psychologically-important 20,000 level.
The Dow Jones industrial average lost 5 points, less than 0.1%, to finish at 19,885.73.
Meanwhile, the Standard & Poor’s 500 index climbed 0.2% and the Nasdaq composite index gained 0.5% to its record close of 5574.12. The Nasdaq has moved higher for eight of the past nine sessions.
Three major U.S. banks reported quarterly results early Friday that beat Wall Street’s forecasts. JPMorgan Chase(JPM) added 0.6%, while Bank of America(BAC) rose 0.4%. Wells Fargo(WFC) rose 1.24%.
A jump in bond yields and interest rates also helped give lenders a lift. The yield on the 10-year Treasury note rose to 2.39% from 2.36% late Thursday.
Traders got a batch of encouraging news on the U.S. economy Friday. The Commerce Department said retail sales rose 0.6% in December as online shopping and auto sales increased. Separately, the Labor Department said a gauge of producer prices, which tracks price changes before they reach consumers, rose 1.6% in the 12 months ended in December. That’s the biggest 12-month gain since September 2014.
Benchmark crude oil was down 68 cents, or 1.3%, at $52.33 a barrel in New York. Brent crude, which is used to price oil sold internationally, was down 56 cents, or 1%, at $55.45 a barrel in London.
Stocks dipped Thursday but finished off early, sharp lows, giving back gains from the day before.
The Nasdaq composite, off 0.3%, snapped a seven-day winning streak and posted its first loss of 2017.
Losing as much as 180 points earlier, the Dow settled for a 63-point loss, 0.3% lower, to 19,891 even. The S&P 500 slipped 0.2%.
Financial, industrial and technology stocks were down the most, while phone company and real estate stocks edged higher. Investors were turning their focus to the next wave of corporate earnings reports in the weeks ahead.
Banks and other financial companies were down as the yield on the 10-year Treasury note fell. Lower yields mean lower interest rates on loans and lower profits for banks. The yield on the 10-year Treasury slipped to 2.35% from 2.37% late Wednesday.
Benchmark crude oil finished up 76 cents, or 1.5%, to $53.01 a barrel in New York.
In Europe, Germany’s DAX ended down 1.1%, while France’s CAC 40 lost 0.5% despite new data showing eurozone industrial production jumped 1.5% in November. Britain’s FTSE 100 ended flat. In Asia, Japan’s benchmark Nikkei 225 dropped 1.2%. Hong Kong’s Hang Seng dipped 0.5%, while Australia’s S&P/ASX 200 slipped 0.1%. South Korea’s Kospi bucked the trend to rise 0.6%.
Stocks ended higher Wednesday — and the super-hot Nasdaq notched another new high — in a volatile session that saw sharp swings after President-elect Donald Trump met with the press in a news conference for the first time in six months.
The Dow Jones industrial average climbed 99 points, or 0.5% to 19,954.28, while the S&P 500 ended up 0.3% to about a point and half shy of its record closing high of 2276.98.
It was the seventh winning session in a row for the Nasdaq composite, which gained 0.2%. It notched a new closing high of 5563.65, a dozen points above the previous record set the day before.
Health care stocks got hit after Trump criticized the industry moving production overseas as well as the bidding process for drugs. Energy stocks continued their strength as oil prices headed higher.
The health care sector was the biggest loser among the S&P 500 sectors. Trump said the government has to create new bidding procedures for the pharmaceutical drug industry “because they’re getting away with murder.” The remarks sent the S&P health care sector down 1.7%. Several pharmaceutical companies slumped, with Endo International (ENDP) falling 9%, the biggest decliner in the S&P 500. Perrigo (PRGO) lost 7% and Mallinckrodt (MNK) tumbled 7%.
Energy stocks were the biggest winners as oil prices jumped. Benchmark U.S. crude rose rose $1.43, or 2.8%, to $52.25 a barrel in electronic trading. Shares of Exxon Mobil rose 0.8%.
Bond prices rose after Trump’s news conference, sending the yield on the 10-year Treasury note down to 2.37% from 2.38% Tuesday.
Stocks closed mostly lower Monday, weighed down by a slide in oil and natural gas companies as the price of crude oil and other energy futures fell. Utilities were also among the big decliners, while health care stocks were headed for the biggest gain. The Nasdaq composite held on to a tiny gain, on course to close at a new high.
The Dow Jones industrial average fell 76.42, or 0.4%, to 19,887.38 as the blue-chip index retreated further away from the 20,000 milestone pulled back from 20,000. The Standard & Poor’s 500 index slid 0.4% to 2268.90. The Nasdaq composite index rose 0.2% to close at a record 5531.82.
Several energy companies were down as crude oil prices veered lower. U.S. benchmark crude oil fell 3.8% to $51.96 a barrel in New York.
Several corporate deals were announced Monday:
• Surgical Care Affiliates surged 16% after the surgical care center operator agreed to be acquired by UnitedHealth for $2.3 billion in cash and stock. The deal comes as UnitedHealth, the nation’s biggest health insurer, looks to expand its Optum health business. UnitedHealth slipped 0.3%.
• Merrimack Pharmaceuticals rose 1.4% on news the drugmaker is selling its first approved drug, a pancreatic cancer treatment called Onivyde, to French drugmaker Ipsen in a deal worth at least $575 million.
That is how close the Dow Jones Industrial Average came to smashing the 20,000 mark for the first time in history.
The blue-chip average was lifted on Friday by a jobs report that showed the pace of American wage growth hit the fastest rate since 2009 as the unemployment rate held at less than half of its all-time peak.
The broader S&P 500 was also in the black on the day. Cyclical sectors, or those that are the most sensitive to fluctuations in the economy, led the charge. Tech was up by 1 per cent, while industrials, consumer discretionary and financials were all up by more than half a per cent.
The Dow and S&P 500 both notched new all-time peaks. The more tech-heavy Nasdaq Composite also struck a new record high.
The upbeat jobs data also ignited a sell-off in US government bonds. The policy-sensitive two-year Treasury note yield jumped 5.2 basis points to 1.21 per cent, while the 10-year yield was up 7.3 basis points to 2.42 per cent.
The US dollar advanced by 0.7 per cent against a basket of six global currencies, with the UK pound skidding 1 per cent.
Stocks ended mixed Thursday as retailers dominated the news with Macy’s and Kohl’s both plunging following weak holiday-season reports that led the chains to cut their profit forecasts.
Still, the Nasdaq composite’s modest gain of 11 points, or 0.2%, was enough to notch a new all-time high. Settling at at 5487.94, it topped the old record by half a point.
The Dow Jones industrial average finished down 43 points, a 0.2% decline to 19,899.29. Losing 0.1% was the S&P 500, which settled at 2269 even.
nvestors were also focusing on upcoming U.S. jobs data following the publication of the minutes to the Federal Reserve’s last board meeting.
Private U.S. companies added 153,000 jobs in December, according to payroll processor ADP. That total was a bit lower than analysts expected and slightly slower than the pace of hiring for the rest of 2016. The government will issue its own hiring report on Friday.
Stocks climbed Wednesday as Wall Street posted a second straight day of gains in the new year and the Dow once again approached the 20,000 milestone.
The Dow Jones industrial average ended up 60 points, or 0.3%, to 19,942.16. The blue-chip index rose has come close to topping 20,000 several times in recent weeks but each time it gets near has pulled back. The Standard & Poor’s 500 index rose 0.6% and the Nasdaq composite index gained 0.9%. Both the S&P 500 and Nasdaq are near their record closing highs.
Stocks maintained their gains following the release of the minutes from the latest Federal Reserve meeting that provided clues to why policymakers raised interest rates in December for only the second time since 2006 and forecast three rate hikes in 2017 instead of the two moves previously anticipated.
Fed officials said they might have to raise interest rates faster than anticipated to prevent rapidly falling unemployment and President-elect Donald Trump’s proposed fiscal stimulus from fueling excessive inflation, according to minutes of the Fed’s December 13-14 meeting.
Benchmark U.S. crude was up 1.8% to $53.24 a barrel in New York. It lost $1.39 on Tuesday.