Indexes rise on auto, retail stocks

NEW YORK — U.S. stocks climbed Wednesday as investors bought shares of companies focused on consumers, including automakers and retailers. The Standard & Poor’s 500 index finished a single point below its all-time high.

The Dow Jones industrial average rose 60.40 points, or 0.3 percent, to 19,942.16. The blue chip index was held back by small losses from energy giant Exxon Mobil and insurer Travelers.

The S&P 500 jumped 12.92 points, or 0.6 percent, to 2,270.75. The Nasdaq composite rose 47.92 points, or 0.9 percent, to 5,477. The Russell 2000 outpaced the other indexes and advanced 22.46 points, or 1.6 percent, to 1,387.95.

General Motors and Ford jumped as car companies reported generally strong sales for the month of December. Companies that mine for metals and make chemicals and other materials climbed as the dollar receded a bit from its recent highs. Small-company stocks picked up where they left off in 2017 as the Russell 2000 index outpaced other major indexes and missed a record close by a whisker.

Investors snapped up consumer-focused stocks that haven’t done much celebrating since the election, such as apparel and accessories retailers and discount store chains. Urban Outfitters is down about 11 percent since the election and Gap has fallen almost that much.

“They were afterthoughts in a lot of respects,” said Julian Emanuel, an equity strategist for UBS. But Emanuel said he expects those stocks to rise this year because consumer confidence remains high.

Companies that sell clothes, jewelry, athletic gear and discount goods have fallen or lagged behind the market over the past two months. That changed a bit on Wednesday. Gap rose 72 cents, or 3.1 percent, to $24.20. Discount retailer Dollar Tree, which has slumped since late November, picked up $2, or 2.6 percent, to $79.45.

Under Armour added 81 cents, or 3.1 percent, to $26.57 and auto parts supplier Delphi Automotive gained $2.50, or 3.7 percent, to $70.04. Delphi said Wednesday it bought Movimento, an automotive software company.

General Motors said its total U.S. sales climbed 10 percent last month from a year ago and its stock rose $1.94, or 5.5 percent, to $37.09. Ford climbed 58 cents, or 4.6 percent, to $13.17.

Companies that mine for metals and make basic materials rose as the dollar slipped away from recent highs.

Freeport-McMoRan climbed $1.05, or 7.6 percent, to $14.83 as the price of copper jumped. Other materials makers also rose. Chemicals maker LyondellBassell Industries added $1.91, or 2.2 percent, to $88.79 and Mosaic picked up $1.28, or 4.3 percent, to $30.81.

Oil prices bounced back from early losses. Benchmark U.S. crude rose 93 cents, or 1.8 percent, to $53.26 a barrel in New York. Brent crude, used to price international oils, gained 99 cents, or 1.8 percent, to $56.46 a barrel in London. The price of natural gas fell another 1.8 percent, to $3.33 per 1,000 cubic feet, after a drop of almost 11 percent Tuesday.

Bond prices inched higher. The yield on the 10-year Treasury note fell to 2.44 percent from 2.45 percent.