U.S. stock in­dexes hit record highs

Los Angeles Times - - TECHNOLOGY - As­so­ci­ated press

A broad-based push higher for stocks sent in­dexes to new highs Thurs­day af­ter yet more signs that the job mar­ket con­tin­ues to im­prove. The Stan­dard & Poor's 500, Dow Jones industrial av­er­age and Nas­daq com­pos­ite all set records.

Driv­ing stocks higher was a re­port in­di­cat­ing that em­ploy­ers picked up their hir­ing last month. That gave more en­cour­age­ment to in­vestors, many of whom were al­ready look­ing to buy.

“The mar­ket's ahead of it­self, but I'm not sur­prised,” said Linda Dues­sel, se­nior eq­uity strate­gist at Fed­er­ated In­vestors. She talks with fi­nan­cial ad­vi­sors man­ag­ing money for clients, and many tell her they see any pull­back in stock prices as an opportunity to buy rather than a source of con­cern.

Pres­i­dent Trump's an­nounce­ment late in the trad­ing day that the U.S. would with­draw from the world­wide pact on cli­mate change had lit­tle ef­fect on mar­kets.

Other re­ports on the U.S. econ­omy were mixed Thurs­day. Man­u­fac­tur­ing growth picked up last month and was stronger than ex­pected, but con­struc­tion spend­ing weak­ened in April. A sep­a­rate re­port showed that the num­ber of work­ers fil­ing for un­em­ploy­ment rose last week, but the level re­mains low by his­tor­i­cal stan­dards.

The stock mar­ket's gains were wide­spread; all 11 sec­tors that make up the S&P 500 rose. Health­care and fi­nan­cial stocks led the way.

Dis­count re­tailer Dol­lar Gen­eral jumped 6.5% to $78.19, one of the big­gest gains in the S&P 500, af­ter it re­ported stronger-than-ex­pected quar­terly earn­ings.

Deere rose 1.8% to $124.70 af­ter it agreed to buy Wirt­gen Group, a Ger­man maker of road-con­struc­tion equip­ment, for about $5.2 bil­lion, in­clud­ing debt.

Box climbed 9.5% to af­ter the on­line stor­age provider posted quar­terly re­sults that im­pressed in­vestors.

Palo Alto Net­works jumped 17.2% to $138.99 af­ter the se­cu­rity soft­ware com­pany posted quar­terly re­sults that beat ex­pec­ta­tions.

Hewlett Packard En­ter­prise slid 6.9%, to $17.52, the largest loss in the S&P 500, af­ter it re­ported dis­ap­point­ing quar­terly re­sults.

Express dived 19.2% to $6.27 af­ter the cloth­ing re­tailer said dis­counts cut into its profit mar­gins and it low­ered its an­nual out­look.

The yield on the 10-year Trea­sury note held steady at 2.21%. The dol­lar rose to 111.33 yen from 110.57 yen. The euro fell to $1.1214 from $1.1246.

Bench­mark U.S. crude oil rose 4 cents to $48.36 a bar­rel. Brent crude fell 13 cents to $50.63 a bar­rel. Nat­u­ral gas fell 6 cents to $3.01 per 1,000 cu­bic feet, heat­ing oil fell 2 cents to $1.50 a gal­lon and whole­sale gaso­line stayed at $1.60 a gal­lon.

Gold fell $5.30 to $1,270.10 an ounce. Sil­ver fell 13 cents to $17.28 an ounce. Cop­per rose 1 cent to $2.59 a pound.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.