clear
Friday February 12th, 2016 9:36PM

A 7-day rally in US stocks fades away

By The Associated Press
NEW YORK - The stock market closed slightly lower Thursday as the longest rally since July petered out.

The Dow Jones industrial average edged down 25.96 points, or 0.2 percent, to close at 15,300.64. The Dow had gained 404 points over the previous three days and is still up 3.3 percent this month.

The last three days of gains have helped the Dow recover the bulk of its losses in August, the worst month for the blue-chip index since May 2012.

The Standard & Poor's 500 index fell 5.71 points, or 0.3 percent, to 1,683.42 after rising the previous seven days. That was the longest winning streak since a string of eight gains between July 3 and July 15.

The Nasdaq composite fell 9.04 points, or 0.2 percent, to 3,715.97. That followed a sharp decline Wednesday caused by a sell-off in Apple's stock.

The Dow did better than other indices because of Walt Disney, which jumped after the company said it plans to buy back up to $8 billion of its own stock starting next year. Disney rose $1.55, or 2 percent, to $65.49.

Traders continue to watch developments in Syria, where Syrian President Bashar Assad said Thursday his government has agreed to surrender its chemical weapons in response to a Russian proposal, not because of the threat of an attack from the U.S.

"Syria is still there as a concern, but it's starting to de-escalate," said Richard Sichel, chief investment officer at Philadelphia Trust Co., which manages $1.9 billion in assets.

U.S. Secretary of State John Kerry and his Russian counterpart, Sergey Lavrov, are set to sit down together to discuss details of the plan in Geneva later Thursday. While Syria's economy is too small to have an impact on the global economy, the country is strategically important for oil markets since a conflict there could escalate and jeopardize the flow of crude from the Middle East.

In corporate news, shares of Lululemon Athletica dropped after the high-end yoga apparel maker cut its forecast for sales and profit this year, due partly to a product recall. Lululemon lost $3.73, or 5 percent, to $65.29.

Men's Wearhouse struggled after the company also cut its full-year profit forecast. The stock fell $4.69, or 12 percent, to $34.08.

Pandora Media climbed $2.59, or 12 percent, to $23.97. The online music streaming company said late Wednesday it was appointing former Microsoft executive Brian McAndrews as its new chief executive officer.

In other trading, the price of crude oil rose $1.04 to $108.60 a barrel. Gold fell $32.20 to $1,330.60 an ounce. The yield on the 10-year Treasury note was 2.91 percent, unchanged from late Wednesday.
© Copyright 2016 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
S&P 500 index has its best year since 1997
The stock market closed out a record year with more all-time highs on Tuesday, giving U.S. indexes their biggest annual gains in almost two decades.
6:56PM ( 2 years ago )
Colorado readies for 'Green Wednesday' pot sales
Police were adding extra patrols around pot shops in eight Colorado towns that plan to allow recreational sales to anyone over 21 on Jan. 1.
1:52PM ( 2 years ago )
Kerry seeks framework for Mideast peace talks
A senior State Department official says Secretary of State John Kerry will try this week to get Israel and the Palestinians to agree on a framework for negotiating a final peace agreement, yet cautions against raising expectations for Kerry's latest round of shuttle diplomacy.
1:35PM ( 2 years ago )
U.S. News
Missing Ga. bank director arrested in Brunswick
A bank director accused of losing millions of investors' dollars before vanishing last year was arrested Tuesday during a traffic stop in a city in south Georgia.
7:00PM ( 2 years ago )
Amtrak to suspend some Crescent service in Jan., Feb.
Amtrak service will shut down in parts of the Southeast for several days in January and February for rail maintenance by Norfolk Southern Railway.
9:00AM ( 2 years ago )
Lung cancer scans urged for some smokers, not all
Certain current or former heavy smokers should start getting yearly scans for lung cancer to cut their risk of death from the nation's top cancer killer, government advisers said Monday - even as they stressed that the tests aren't for everyone.
7:26AM ( 2 years ago )
Business News
Sex offender held in Hall County for failing to register
A 47-year-old man was booked into the Hall County Jail Tuesday, being held without bond for allegedly failing to register as a sex offender, his second such arrest.
6:09PM ( 2 years ago )
Pharmacy robberies may involve same suspect
Oakwood Police Tuesday afternoon released details in a pharmacy robbery they're investigating, similar to one that happened in the Hall County Tuesday morning.
5:46PM ( 2 years ago )
Victim critical following apartment fire
A 41-year-old woman was in critical but stable condition Tuesday after being rescued from an apartment fire in Forsyth County late Monday afternoon.
3:16PM ( 2 years ago )
Local/State News
Former Virginia Gov. Jim Gilmore says he is dropping out of the race for the White House
WASHINGTON (AP) — Former Virginia Gov. Jim Gilmore says he is dropping out of the race for the White House.The Republican says in a statement he plans to support his party's nominee and will continue...
5:03PM ( 4 hours ago )
Banks County pauses to honor fallen U.S. officers
Banks County Sheriff's Office officials and members of the community paused Friday to pray for law enforcement and remember fallen officers from around the country.
4:19PM ( 5 hours ago )
Authorities seize $566,000 in meth, marijuana in Gainesville bust
​Drug agents and police officers seized 20 ounces of methamphetamine, five guns and three marijuana plants during the arrest of a Gainesville man this week.
3:52PM ( 5 hours ago )
Police standoff ends peacefully at Gainesville hotel
It took about 90 minutes for Gainesville Police to take a suspect into custody Friday afternoon, following a standoff outside a hotel room.
2:50PM ( 6 hours ago )
VIDEO: Officials open new Hall County Correctional Institute, warden touts cost savings
The new Hall County Correctional Institute opened with a ceremonial ribbon cutting Friday by Warden Walt Davis, who touted his department's ability to bring the cost of the $7 million facility down nearly 50 percent.
2:12PM ( 7 hours ago )