Banks lead stocks modestly higher
Financial firms led U.S. stock indexes up Thursday, and the Nasdaq composite index rose to a record high.
The latest gains came as the stock market continued to trade mostly in a narrow range in the absence of major new economic data and ahead of next week's meeting of Federal Reserve policymakers.
Speculation that the Fed will raise interest rates helped lift financial stocks for the second day in a row. Higher interest rates enable banks and credit card issuers to charge more for loans, which boosts profits.
Utilities and consumer goods companies were among the biggest decliners. Energy stocks fell as crude oil prices declined.
Bond prices fell. The 10year Treasury yield rose to 2.19% from 2.18%.
Stocks wavered between small gains and losses for much of the day as investors tuned in to watch former FBI Director James Comey testify before the Senate Intelligence Committee as part of the investigation into Russian meddling in the U.S. presidential election.
“Today did not turn into a market event, nor did it accelerate the path toward further progress on the legislative and administrative agenda,” said Bill Northey, chief investment officer at U.S. Bank Wealth Management. Investors have been looking for more progress out of the White House on its agenda to cut taxes, increase infrastructure spending and implement other businessfriendly policies.
The GOP-led House took steps Thursday to advance Trump's pledge to ease regulations on businesses by voting on legislation that would undo the stricter banking rules that took effect after the 2008 financial crisis.
Goldman Sachs Group ticked up 1.4% to $218.76. JPMorgan Chase rose 1.2% to $84.95. Regions Financial climbed 3.2% to $14.03.
Nordstrom jumped 10.3% to $44.63 on the news that members of the Nordstrom family are considering taking it private. Like other big department store chains, Nordstrom has struggled to cope with competition from online retailers. Its stock has sunk by half since early 2015.
Valeant Pharmaceuticals International rose 9% to $13.26 after the drugmaker said it will sell its iNova Pharmaceuticals business to two private equity firms.
Investors cheered Alibaba Group Holding's latest revenue forecast. Shares of the Chinese e-commerce firm leaped 13.3% to $142.34.
Urban Outfitters slid 10.3% to $16.35 after the retailer said sales at older stores are running lower than expected this month.
Benchmark U.S. crude slid 8 cents to $45.64 a barrel. Brent crude, used to price international oils, fell 20 cents to $47.86 a barrel. Wholesale gasoline held steady at $1.49 a gallon. Heating oil rose 1 cent to $1.42 a gallon. Natural gas rose 1 cent to $3.03 per 1,000 cubic feet.
The dollar rose to 109.94 yen from 109.83 yen. The euro fell to $1.1222 from $1.1252.
Gold fell $13.70 to $1,279.50 an ounce. Silver fell 21 cents to $17.41 an ounce. Copper rose 6 cents to $2.61 a pound.