US stocks slip even as S&P 500 index marks its longest bull run
new york — US stocks are edging lower in early trading, giving back some of their gains from a day earlier, even as the S&P 500 index is poised to mark its longest bull run in history.
Losses in industrial companies, banks and the technology sector outweighed gains elsewhere in the market. Big retailers surged after reporting solid quarterly results. Energy stocks climbed along with the price of US crude oil.
The S&P 500 index fell 4 points, or 0.2 per cent, to 2,858 as of 10:07 a.m. Eastern Time. The Dow Jones Industrial Average slid 27 points, or 0.1 per cent, to 25,794. The Nasdaq composite lost 6 points, or 0.1 per cent, to 7,852. The Russell 2000 index of smallercompany stocks picked up 1 point, or 0.1 per cent, to 1,719.
On Tuesday, the S&P 500 index briefly traded at an all-time high just as the US stock market’s bull run came closer to becoming the longest on record. The current bull market, which began in 2009, is on track to become the longest in history on Wednesday, surpassing the bull run of the 1990s.
Industrial stocks took some of the heaviest losses. Johnson Controls International slid 2.1 per cent to $39.16. Technology sector stocks also declined. Analog Devices lost 3.3 per cent to $92.72.
Target climbed 5.6 per cent to $87.99 after the retailer reported earnings that came in ahead of analysts’ forecasts. Lowe’s jumped 7.4 per cent to $107 after the home-improvement chain’s latest quarterly results topped Wall Street’s estimates.
US benchmark crude climbed 2.1 per cent to $67.23 per barrel in New York. Brent crude, the standard for international oil prices, gained 2.2 per cent to $74.22 per barrel in London. The pickup in oil prices helped boost energy sector stocks. Marathon Oil gained 1.7 per cent to $20.56.
Bond prices rose. The yield on the 10-year Treasury fell to 2.82 per cent from 2.84 per cent late Tuesday. The dollar rose to 110.42 yen from 110.40 yen late Tuesday. The euro strengthened to $1.1601 from $1.1574.
In Europe, Germany’s DAX fell 0.2 per cent, while France’s CAC 40 edged up 0.2 per cent. The FTSE 100 index of leading British shares added 0.1 per cent. In Asia, Japan’s benchmark Nikkei 225 closed 0.6 per cent higher. Australia’s S&P/ASX 200 lost 0.3 per cent. South Korea’s Kospi rose 0.1 per cent. Hong Kong’s Hang Seng added 0.6 per cent.