Market report

Dow posts gain, other indexes slip

Trader Robert Moran works on the floor of the New York Stock Exchange, Thursday, Sept. 14, 2017. U.S. stocks are falling Thursday morning after finishing at record highs the last two days. (AP Photo/Richard Drew)
Trader Robert Moran works on the floor of the New York Stock Exchange, Thursday, Sept. 14, 2017. U.S. stocks are falling Thursday morning after finishing at record highs the last two days. (AP Photo/Richard Drew)

NEW YORK -- It was a split decision on Wall Street on Thursday as gains in a handful of industrial and health care companies largely outweighed sluggishness elsewhere in the market, including the technology sector.

The Standard & Poor's 500 index slid 2.75 points, or 0.1 percent, to 2,495.62. The Dow Jones industrial average rose 45.30 points, or 0.2 percent, to 22,203.48. It was the Dow's third straight record high close.

The Nasdaq composite slumped 31.10 points, or 0.5 percent, to 6,429.08 as big names like Facebook and Alphabet, Google's parent company, lost ground. The Russell 2000 index of smaller-company stocks fell 1.87 points, or 0.1 percent, to 1,425.02.

On the New York Stock Exchange, there were slightly more winners than losers.

Retailer stocks were weak after the government said prices paid by consumers jumped in August. That could prompt the Federal Reserve to raise interest rates sooner than expected in order to cool the economy and stave off inflation. That would be bad for companies like retailers that depend on shoppers spending money.

Energy companies rose as U.S. crude oil climbed to its highest price in six weeks.

The Labor Department reported that U.S. consumer prices grew 0.4 percent in August as gas and housing costs rose. Prices are up 1.9 percent over the past year. That could show inflation is speeding up, though it's not clear how much of the recent increase in gasoline prices was because of Hurricane Harvey, which deluged Texas and Louisiana in late August and caused many drilling rigs and refineries to shut down.

The Federal Reserve will meet next week, and investors wondered if Thursday's report makes it more likely the Fed will raise interest rates later in the year. Higher interest rates reduce growth because they make borrowing more expensive.

Michael Scanlon, a portfolio manager for Manulife Asset Management, said if inflation does get stronger over the next few months, "it would be a sign of more health in the economy overall," he said.

Shares of Urban Outfitters fell 77 cents, or 3.3 percent, to $22.77, and discount retailer Ross Stores lost 81 cents, or 1.3 percent, to $60.60. Amazon shed $7.39 to $992.21. Coca-Cola lost 38 cents to $46.11, and grocery store operator Kroger fell 47 cents, or 2.2 percent, to $21.26.

Jewelry seller Tiffany dropped $4.56, or 4.8 percent, to $90.95 after one of its biggest shareholders, Qatar's investment fund, said it sold some of its Tiffany stock.

Boeing rose another $3.30, or 1.4 percent, to $245.23. Wednesday afternoon. Chief Executive Officer Dennis Muilenburg said the company expects to start delivering more planes. The stock rose 0.6 percent a day ago. Stock at other industrial companies also climbed. United Technologies gained $2.86, or 2.6 percent, to $113.14.

Benchmark U.S. crude oil rose 59 cents, or 1.2 percent, to $49.89 a barrel. That was its highest closing price since the end of July. Brent crude, used to price international oils, gained 31 cents to $55.47 barrel in London.

Among energy companies, Schlumberger rose 78 cents, or 1.2 percent, to $67.70, and Anadarko Petroleum picked up 40 cents to $43.53.

Chipmaker Lattice Semiconductor slipped after the U.S. government stopped its sale to a firm backed by the Chinese government because of national security concerns. Lattice accepted the $1.02 billion offer from Canyon Bridge Partners in November, but investors have long been skeptical that the deal would be completed. Last week a U.S. government panel said the sale should be blocked.

Lattice wobbled between gains and losses and finished 2 cents lower at $5.70. Canyon Bridge agreed to pay $8.30 a share.

Bond prices edged lower. The yield on the 10-year Treasury note rose to 2.20 percent from 2.19 percent. The yield on the 2-year note rose to 1.37 percent from 1.35 percent.

Business on 09/15/2017

Upcoming Events