NEW YORK -- The stock market's perfect start to the year rolled on, and the Standard & Poor's 500 index shook off a bit of weakness on Monday to tick further into record territory.
The S&P 500 rose 4.56 points, or 0.2 percent, to 2,747.71. The last time the index led off a year with more consecutive gains was in 2010, when it had six.
The Dow Jones industrial average slipped 12.87, or 0.1 percent, to 25,283.00, the Nasdaq composite rose 20.83, or 0.3 percent, to 7,157.39 and the Russell 2000 index of small-cap stocks gained 1.80, or 0.1 percent, to 1,561.81.
Stocks had dipped in early trading, and the S&P 500 appeared to be on pace for its first down day of the year. But accelerating gains for dividend-paying and technology stocks helped offset losses in the health care industry, and the S&P 500 eked out a fifth-straight gain. Other U.S. indexes edged higher or held close to their record levels.
"We're getting a bit tired hearing ourselves talking about the solid economic backdrop and strong earnings growth, but that is the backdrop," said Jon Adams, senior investment strategist for BMO Global Asset Management.
He is optimistic that stocks can continue to rise from their record levels because of the trends, even though the market is more expensive than it usually is relative to corporate profits. "Everyone is talking about the synchronized economic growth" around the world, he said, "but it's something we haven't seen for 10 years."
One of the biggest gains in the S&P 500 came from Kohl's, which jumped after it raised its earnings forecast for the year. The retailer said its sales climbed nearly 7 percent in November and December from a year earlier, and its new profit forecast easily topped Wall Street's expectations.
Kohl's shares rose $2.54, or 4.7 percent, to $56.90.
High-dividend stocks were also strong, with utilities up 0.9 percent for the biggest gain of the 11 sectors that make up the S&P 500. They got help from falling Treasury yields, which make dividends more attractive for investors seeking income. The yield on the 10-year Treasury dipped to 2.47 percent from 2.48 percent late Friday.
On the losing end for stocks was GoPro, which plunged after it said its revenue fell sharply last quarter. The company had to lower prices on cameras to drive more sales, and it reported preliminary fourth-quarter revenue that fell far short of Wall Street's expectations.
The stock fell 96 cents, or 12.8 percent, to $6.56. GoPro also said it will cut more than 20 percent of its workforce.
Gold fell $1.90 to $1,320.40 per ounce, silver fell 14 cents to $17.14 per ounce and copper dipped a penny to $3.22 per pound.
Business on 01/09/2018