Stocks edge up on energy shares
U.S. stocks meandered Thursday as the eighth anniversary of the current bull market turned out to be a quiet one. Large-company stocks finished mostly up, but declines in smaller stocks meant more companies fell than rose on the New York Stock Exchange.
The market started out with small gains, then slipped. Thanks to late gains for energy companies, major indexes turned higher near the end of trading.
Industrial companies fell as heavy machinery maker Caterpillar continues to slide. Healthcare companies climbed, and banks rose along with bond yields. Trading was light after a three-day losing streak.
The Standard & Poor’s 500 index is up 250% since March 9, 2009, when it bottomed out in the depths of the financial crisis. The current bull run is the secondlongest since World War II, and it may last awhile longer, as wages are growing and hiring appears to be rising.
“Bull markets typically don’t die of old age,” said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas. “They typically die because there’s a downturn in the economy.”
Healthcare firms made the biggest gains. Johnson & Johnson was up 1.5% to $125.95. Medical device maker Edwards Lifesciences rose 3.9% to $93.06.
Crude oil prices continued to slip after the U.S. government reported a huge buildup in fuel stockpiles Wednesday. Benchmark U.S. oil fell 2% to $49.28 a barrel. Brent crude, the international standard, fell 1.7% to $52.19 a barrel.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.60% from 2.56%. Banks and other financial firms moved up.
Caterpillar fell 2% to $91.39 as the government investigates the firm’s taxes and accounting. It’s down almost 8% since March 1.
American Airlines sank 3.5% to $43.33, leading airlines lower, after it reported weak February traffic.
Sears Holdings rose 6.9% to $8.01 after the company took a smaller adjusted loss than it did a year earlier-and said it kept its inventory and expenses under control.
Signet Jewelers rose 8.7% to $70.02 after saying it will spend more on tech as it closes mall-based stores.
Staples slid 5.2% to $8.49 after the office supply company reported fourth-quarter sales that were far lower than expected and said it will close an additional 70 stores in North America.
Tailored Brands, the parent of Men’s Wearhouse and Jos. A. Bank, plunged 32.2% to $15.84 after disclosing a bigger loss than expected and disappointing sales. It also said it wants to rework an agreement with Macy’s.
The dollar rose to 114.74 yen from 114.42 yen. The euro rose to $1.0586 from $1.0548.
Wholesale gasoline fell 3 cents to $1.62 a gallon. Heating oil fell 3 cents to $1.53 a gallon. Natural gas rose 7 cents to $2.97 per 1,000 cubic feet.
Gold fell $6.20 to $1,203.20 an ounce. Silver fell 26 cents to $17.04 an ounce. Copper fell 2 cents to $2.58 a pound.