clear
Wednesday July 26th, 2017 6:48PM

S&P 500 limps to the finish line in another winning week

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — U.S. stocks limped to the finish line in another winning week, with indexes turning in a mixed performance on Friday.

The Standard & Poor's 500 index slipped 3.13 points, or 0.1 percent, to 2,378.25 on Friday. Gains a couple days earlier fueled by the Federal Reserve meant the index rose 0.2 percent for the week. It's the seventh weekly gain for the S&P 500 in the last eight, and the index is within 1 percent of its record high.

The Dow Jones industrial average fell 19.93 points, or 0.1 percent, to 20,914.62. The Nasdaq composite rose 0.24 points, or 0.004 percent, to 5,901.00. The Russell 2000 index of small-cap stocks rose 5.49, or 0.4 percent, to 1,391.52. Three stocks rose for every two that fell on the New York Stock Exchange.

The midweek rally came after the Federal Reserve gave a more measured forecast for interest-rate increases than some investors expected. While raising rates by a quarter of a percentage point, the central bank said that it's still planning a total of three increases this year. That came as a surprise for some investors, who thought four hikes was possible given the pickup in the economy and inflation. Not only did stocks rise following the announcement, but bond yields fell sharply.

"The big focal point for the week was the Fed," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management. "Now that we have that behind us, the rest is window dressing."

Investors are turning their attention to the market's next potential flash points, Jacobsen said, including whether Washington will be able to deliver on promises to cut taxes, boost infrastructure spending and otherwise boost the economy. They're also waiting for upcoming elections in Europe, where investors worry that wins by nationalist candidates could lead to weaker resolve for the European Union to stick together.

Treasury yields dipped, resuming their slide that began with the Fed's announcement. The 10-year Treasury yield fell to 2.50 percent from 2.54 percent late Thursday. The two-year yield dipped to 1.31 percent from 1.34 percent, and the 30-year yield sank to 3.11 percent from 3.15 percent.

Financial stocks fell in sync with bond yields. The two have tended to move in the same direction recently, because higher rates would allow banks to charge more for loans and earn bigger profits. Financial stocks fell 1.1 percent, the largest loss among the 11 sectors that make up the S&P 500.

Health care stocks were also weak. Amgen had the biggest loss in the S&P 500 after results from a study of its cholesterol drug Repatha disappointed investors. It sank $11.50, or 6.5 percent, to $168.61.

On the other end were dividend-paying stocks, which benefited from the fall in yields. When bonds are paying less in interest, it makes the income provided by dividend-paying stocks more attractive. Utility stocks in the S&P 500, which pay some of the biggest dividends in the index, rose 0.6 percent.

Adobe surged to one of the biggest gains in the index after reporting stronger revenue and earnings for its latest quarter than analysts expected. It jumped $4.66, or 3.8 percent, to $127.01

Jeweler Tiffany sparkled after it also reported better profit than analysts expected for its latest quarter. Strong demand in China and Japan helped it to offset flagging sales at home. Its stock rose $2.44, or 2.7 percent, to $92.42.

In markets abroad, France's CAC 40 stock index rose 0.3 percent, and Germany's DAX and the FTSE 100 in London both added 0.1 percent. Japan's Nikkei 225 fell 0.3 percent, South Korea's Kospi rose 0.7 percent and the Hang Seng in Hong Kong added 0.1 percent.

Finance leaders from the G-20 industrial and emerging economies are meeting Friday and Saturday in the southern German resort town of Baden-Baden. The first G-20 finance meeting since tough-talking Donald Trump was elected president is likely to focus on concerns over protectionism and currencies.

The euro edged down to $1.0743 from $1.0749 late Thursday, and the British pound rose to $1.2396 from $1.2358. The dollar slipped to 112.70 Japanese yen from 113.26 yen.

Benchmark U.S. crude rose 3 cents to settle at $48.78 per barrel. Brent crude, which is used to price international oils, rose 2 cents to $51.76 per barrel.

Natural gas rose 5 cents to $2.95 per 1,000 cubic feet. Wholesale gasoline inched up less than a cent to $1.60 per gallon, and heating oil rose a fraction of a penny to $1.51 per gallon.

Gold rose $3.10 to settle at $1,230.20 per ounce. Silver added 8 cents to $17.41 per ounce, and copper rose 1 cent to $2.69 per pound.

___

AP Business Writer Yuri Kageyama contributed from Tokyo.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Penguins end Predators magical postseason run
The Predators' magical playoff run finally is over
1:40AM ( 11 minutes ago )
Back to back champs: Penguins beat Preds 2-0 for Stanley Cup
Sidney Crosby is bringing the Stanley Cup back home to Pittsburgh for a second consecutive year
1:39AM ( 12 minutes ago )
Hamilton wins F1 Canadian GP, picks up points on Vettel
Lewis Hamilton won the Canadian Grand Prix for the sixth time, going wire-to-wire for his third victory in a row
1:39AM ( 13 minutes ago )
Associated Press (AP)
Puerto Rico gov upholds statehood in vote hit by boycott
Puerto Rico's governor is vowing to turn the U.S. territory into the 51st state after statehood won in a referendum hit by a boycott and low turnout that raised questions about the vote's legitimacy.
12:01AM ( 1 hour ago )
The Latest: August Wilson's "Jitney" wins Tony for revival
August Wilson's "Jitney" wins Tony Award for best revival of a play
10:16PM ( 3 hours ago )
Puerto Rican voters back statehood in questioned referendum
Puerto Rico's governor announced that the U.S. territory has overwhelmingly chosen statehood in a nonbinding referendum Sunday held amid a deep economic crisis that has sparked an exodus of islanders to the U.S. mainland
8:59PM ( 4 hours ago )
AP Business
New York Times sources say Uber discussing leave for CEO
The New York Times and other media are reporting that Uber's board is considering placing the CEO of the ride-hailing company on leave
5:44PM ( 8 hours ago )
Qatar Airways profits $540 million, braces for Gulf crisis
Qatar Airways says its net profits reached $540 million in its latest financial disclosure before the airline was blocked from flying to major Arab states.
3:02PM ( 10 hours ago )
Report: Opel CEO to step down once sale to PSA completed
The chief executive of German automaker Opel reportedly plans to step down from his post once the General Motors subsidiary's sale to PSA Peugeot-Citroen has been completed
11:58AM ( 1 day ago )
AP Business - Corporate News
Puerto Rico votes on possible statehood
Puerto Ricans are getting the chance to tell U.S. Congress on Sunday which political status they believe best benefits the U.S. territory as it remains mired in a deep economic crisis that has triggered an exodus of islanders to the U.S mainland
4:45PM ( 9 hours ago )
Puerto Rico mulls political status in new referendum
Puerto Ricans are getting the chance to tell U.S. Congress on Sunday which political status they believe best benefits the U.S. territory as it remains mired in a deep economic crisis that has triggered an exodus of islanders to the U.S mainland
10:30AM ( 15 hours ago )
Trump wages battle against regulations, not climate change
What President Donald Trump really believes about global warming is something of a mystery, but his actions make clear he doesn't consider it a problem for the federal government to solve.
8:09PM ( 1 day ago )
AP Business - Economy
Wawrinka comes back to beat Murray, reach French Open final
2015 champion Stan Wawrinka came back to beat No. 1-ranked Andy Murray 6-7 (6), 6-3, 5-7, 7-6 (3), 6-1 in the French Open semifinals
1:30PM ( 2 days ago )
Pound dives as UK enters new period of uncertainty
The pound has fallen sharply after an exit poll in Britain's election projects that the Conservatives would fall short of a majority in parliament
9:53AM ( 2 days ago )
The Latest: Pound under pressure after UK election result
The pound has fallen further after British election results showed the Conservative party lost its majority.
4:20AM ( 2 days ago )
AP Business - Financial Markets
Lovings won interracial couples the right to marry
AP WAS THERE: Reporters no longer beat a path to the modest white house just over the Caroline County border _ and that's fine with its owner, a soft-spoken 67-year-old who never wanted the fame that her marriage brought her
3:44PM ( 10 hours ago )
Qatar Petroleum says production not impacted by Gulf crisis
Qatar Petroleum says it has responded to a diplomatic crisis engulfing Qatar by mobilizing to mitigate the impact any action could have on its energy supplies to customers around the world
2:59PM ( 1 day ago )
Ex-Pennsylvania treasurer pleads guilty to lying to FBI
A former Pennsylvania state treasurer awaits sentencing after pleading guilty to lying to the FBI in a case stemming from a long-running pay-to-play investigation.
1:07PM ( 2 days ago )
AP Business - Industries
European Central Bank won't call time on stimulus just yet
European Central Bank won't say yet when it will start withdrawing stimulus
12:54PM ( 3 days ago )
European Central Bank makes modest change as growth picks up
The European Central Bank made a small step toward phasing out its extraordinary support for the economy _ but left its stimulus programs and record low interest rates unchanged despite a growing recovery in the 19 countries that use the euro currency
9:28AM ( 3 days ago )
The Latest: ECB president sees inflation still subdued
European Central Bank head Mario Draghi says risks to Europe's strengthening economic recovery have diminished.
8:48AM ( 3 days ago )
AP Business - Financial Services
Penguins end Predators magical postseason run
The Predators' magical playoff run finally is over
1:40AM ( 11 minutes ago )
Back to back champs: Penguins beat Preds 2-0 for Stanley Cup
Sidney Crosby is bringing the Stanley Cup back home to Pittsburgh for a second consecutive year
1:39AM ( 12 minutes ago )
Hamilton wins F1 Canadian GP, picks up points on Vettel
Lewis Hamilton won the Canadian Grand Prix for the sixth time, going wire-to-wire for his third victory in a row
1:39AM ( 13 minutes ago )
Board adopts report on Uber's culture, silent on CEO leave
Uber's Board of Directors has adopted a series of recommendations about the company's corporate culture from former Attorney General Eric Holder, but it was silent on whether it would approve a leave of absence for the ride service's embattled CEO
1:20AM ( 31 minutes ago )
Video expected to be shown in Penn State pledge's death case
Security camera footage of the night a Penn State pledge was fatally injured at a fraternity event is expected to be at the center of a court hearing
12:39AM ( 1 hour ago )