Market report

Wait-and-see market ends mixed

NEW YORK -- A sluggish September continued Thursday for U.S. stocks as investors assessed the outlook for interest rates, the latest sanctions against Russia and volatile energy prices.

Stocks ended the day mixed after gains for dividend-rich utilities stocks largely offset a slump in health care companies. Lululemon, the high-end yoga apparel maker, surged after reporting earnings that surpassed analysts' forecasts.

The Standard & Poor's 500 index rose 1.76 points, or 0.1 percent, to 1,997.45. The Dow Jones industrial average dropped 19.71 points, or 0.1 percent, to 17,049. The Nasdaq composite rose 5.28 points, or 0.1 percent, to 4,591.81.

The stock market has had a slow start to the month, and the Standard & Poor's is on track to end the week with a loss for the first time in six weeks. Investors are struggling to find an impetus to push prices higher with the market close to all-time highs.

"The market might just be pausing here to digest and see what we have to propel it one way or the other," said Jeff Morris, head of U.S. Equities at Standard Life Investments.

Stocks started the day lower, led by a big decline for energy stocks as the price of oil extended its declines from a day earlier. Oil futures turned higher throughout the morning as traders judged that new sanctions against Russia over its involvement in Ukraine might crimp supplies. As oil prices rebounded, so did energy stocks.

The price of oil rose $1.16 to close at $92.83 a barrel on the New York Mercantile Exchange after dropping close to $90 a barrel in early trading.

In other energy trading, Brent crude, a benchmark for international oils used by many U.S. refineries, rose 4 cents to close at $98.08 on the ICE Futures exchange in London. Natural gas fell 13.1 cents to close at $3.823 per 1,000 cubic feet after the Energy Department reported a larger-than-expected increase in natural gas inventories.

The stock market gains were led by utilities, which climbed 0.9 percent.

Health care stocks fell the most, declining 0.3 percent. The industry has been the best performing sector this year, climbing 15.5 percent, compared with a gain of 8.1 percent for the broader index.

In currency trading, the dollar continued its ascent against the Japanese yen. The U.S. currency is at its highest level in six years against the yen. On Thursday $1 bought 107.30 yen. The dollar fell to $1.292 against the euro.

Government bond prices were little changed. The yield on the 10-year Treasury note, which rises when prices fall, rose to 2.55 percent from 2.54 percent on Wednesday.

The price of gold fell $6.30 to $1,239 an ounce, silver fell 33 cents to $18.60 an ounce and copper fell 2 cents to $3.09 a pound.

Shares of Lululemon jumped $5.34, or 14 percent, to $43.73 after the troubled yoga-gear retailer reported earnings that beat analysts' expectations. The company also raised its full-year forecast. Lululemon has been trying to turn itself around since last spring, when it pulled one of its popular yoga pants from stores because they were too sheer.

Business on 09/12/2014

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