The Nasdaq composite index on Tuesday notched its fourth record-high close in a row, eking out a modest gain on a day when the other major U.S. stock indexes barely budged.
The Nasdaq composite rose 20 points, or 0.4 percent, to 5,551.82. The index has closed higher six days in a row. The Standard & Poor's 500 ended unchanged at 2,268.90. The Dow Jones industrial average slipped 31.85 points, or 0.2 percent, to 19,855.53.
More stocks rose than fell on the New York Stock Exchange.
Consumer-focused companies, banks and health care stocks were among the biggest gainers. Real estate companies lagged the most. Energy stocks also fell after a drop in crude oil prices.
Encouraging reports on job openings and small-business confidence helped keep stocks in the green early in the day. But by midafternoon, the indexes began to waver.
"I do think the market stays kind of quiet until it really hits earnings season," said David Chalupnik, head of equities for Nuveen Asset Management. "The market will really start to take its direction when earnings season starts in full, and that's Friday."
While the busiest stretch of corporate earnings reports doesn't begin until Friday, several companies reported outlooks or preliminary results Tuesday that pleased investors.
Illumina's stock jumped 16.6 percent after it reported better-than-anticipated fourth-quarter sales. The company also launched a new genetic sequencing system called NovaSeq. The stock led the gainers in the S&P 500, adding $23.50 to close at $165.04.
Alaska Air Group rose 5.2 percent after the airline, which bought Virgin America in December, reported strong monthly results. The stock gained $4.53, finishing at $92.
Zimmer Biomet added 6.2 percent after the medical device maker projected better-than-expected fourth-quarter sales. The stock rose $6.67 to close at $113.67.
Other companies' outlooks put traders in a selling mood.
Ascena Retail Group slumped 60 cents, or 10 percent, to $5.41 after the company lowered its profit forecast, citing Christmas sales that fell for most of its store chains, including Ann Taylor, Lane Bryant and Dressbarn.
Shares of Pacific Continental rose on news the holding company for Pacific Continental Bank will be bought by Columbia Banking System for $644 million. Pacific Continental shares jumped $5.35, or 25.7 percent, to $26.15. Columbia shares slid $1.26, or 2.9 percent, to $42.05.
Major stock indexes in Europe notched gains, led by Britain's FTSE 100, which rose 0.5 percent, closing at a record high for the ninth day in a row. Germany's DAX added 0.2 percent, while the CAC 40 of France inched up 0.1 percent. In Asia, Japan's Nikkei 225 index dropped 0.8 percent, while the Kospi in South Korea slipped 0.2 percent. Hong Kong's Hang Seng added 0.8 percent.
U.S. benchmark crude oil fell $1.14, or 2.2 percent, to close at $50.82 a barrel in New York. Brent crude, which is used to price oil sold internationally, fell $1.30, or 2.4 percent, to close at $53.64 a barrel in London.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.38 percent from 2.37 percent late Monday.
In metals trading, the price of gold edged up 60 cents to $1,185.50 an ounce. Silver added 17 cents to $16.85 an ounce. Copper rose 7 cents to $2.61 a pound.
Business on 01/11/2017