Stocks end mostly up; tech firms fall

Los Angeles Times - - TECHNOLOGY -

U.S. stocks fin­ished mostly higher Mon­day as banks, me­dia and en­ergy com­pa­nies climbed just enough to can­cel out losses for tech­nol­ogy firms in­clud­ing Face­book and Ama­zon.

About half the com­pa­nies in the Stan­dard & Poor’s 500 in­dex have re­ported their sec­ond-quar­ter re­sults, and this week, Ap­ple and oth­ers will join the fray. Steve Wood, chief mar­ket strategist for Rus­sell In­vest­ments, said he ex­pects strong earn­ings for U.S. com­pa­nies, but he thinks stock mar­kets in other re­gions will do bet­ter.

“The earn­ings cy­cle and the eco­nomic cy­cle are ear­lier stage and the cen­tral bank of Europe is go­ing to be pro­vid­ing liq­uid­ity over the next year,” he said. “It’s been an 8 ½-year bull mar­ket in the U.S. and eight-plus-year eco­nomic ex­pan­sion.”

The Dow Jones in­dus­trial av­er­age con­tin­ued to build on its record highs, al­though the S&P 500 and the Nasdaq com­pos­ite both fell. A ma­jor­ity of the stocks on the New York Stock Ex­change rose.

HSBC rose 2.4% to $50.09 af­ter it said that higher in­ter­est rates helped it earn more from its lend­ing busi­ness, and that it plans to buy back an ad­di­tional $2 bil­lion in stock. Cap­i­tal One Fi­nan­cial ticked up 1.4% to $86.18.

Among tech­nol­ogy com­pa­nies, Face­book fell 1.9% to $169.25. The so­cial me­dia gi­ant leaped 8.6% last week, when it posted strong sec­ond-quar­ter re­sults. Al­pha­bet, Google’s par­ent com­pany, fell 1.3% to $945.50, and chip maker Mi­cron Tech­nol­ogy de­clined 4% to $28.10. E-com­merce gi­ant Ama­zon slumped 3.2% to $98.78.

Dy­navax Tech­nolo­gies soared 71.4% to $15.85 af­ter a panel ad­vis­ing the Food and Drug Ad­min­is­tra­tion said study data show that the Berke­ley com­pany’s Heplisav-B vac­cine is safe for adults. Heplisav-B is in­tended to pre­vent hep­ati­tis B in­fec­tions. It would be Dy­navax’s first ap­proved drug.

Boe­ing ticked up 0.5% to $242.46, con­tin­u­ing its rapid as­cent af­ter re­ports that it will make elec­tron­ics used in flight con­trol. Boe­ing has given the Dow a 205-point boost over the last four days.

The price of oil rose again af­ter its best week of the year. Bench­mark U.S. crude rose 46 cents to $50.17 a bar­rel. Brent crude, the in­ter­na­tional stan­dard, ticked up 13 cents to $52.65 a bar­rel.

Whole­sale gaso­line rose 3 cents to $1.71 a gal­lon. Heat­ing oil rose 1 cent to $1.65 a gal­lon. Nat­u­ral gas dived 15 cents, or 5%, to $2.79 per 1,000 cu­bic feet.

Bond prices were lit­tle changed. The yield on the 10year Trea­sury note stayed at 2.29%.

Gold fell $1.90 to $1,273.40 an ounce. Sil­ver rose 9 cents to $16.79 an ounce. Cop­per rose 2 cents to $2.89 a pound.

The dol­lar fell to 110.24 yen from 110.60 yen. The euro rose to $1.1831 from $1.1760.

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