Both Nasdaq, S&P reach new highs

NEW YORK — U.S. stocks climbed for the sixth straight day Thursday as strong firstquarter results from retailers Best Buy and PVH led indexes to record highs. That offset weakness in energy stocks caused by a drop in oil prices.

Stocks are on their longest winning streak in three months as retailers, technology companies, household products companies and health care firms made large gains.

The Standard & Poor’s 500 index rose 10.68 points, or 0.4 percent, to 2,415.07. The Dow Jones industrial average gained 70.53 points, or 0.3 percent, to 21,082.95. The Nasdaq composite jumped 42.23 points, or 0.7 percent, to 6,205.26, above the record it notched last week. The Russell 2000 index edged up just 0.88 points, or 0.1 percent, to 1,383.39.

The Nasdaq composite joined the Standard & Poor’s 500 in setting record highs.

Kate Warne, an investment strategist for Edward Jones, said she doesn’t think Thursday’s retail earnings are a sign that business for traditional retailers is getting better.

“It’s probably not something investors should take as a sign of improvement in the retail landscape,” she said. “Consumer spending is actually strong, but consumers are spending in places other than traditional retailers.”

Small companies were mostly left out of the rally, however. And even though OPEC and a group of other oil-producing nations extended their cuts in production, the price of oil fell almost 5 percent and energy companies took steep losses.

Electronics retailer Best Buy soared after it issued a strong first-quarter report, including better sales of mobile devices and gaming products. Its stock gained $10.83, or 21.5 percent, to $61.25. PVH, the owner of brands including Calvin Klein and Tommy Hilfiger, climbed $4.94, or 4.8 percent, to $106.98 after it raised its annual forecasts in the wake of its own strong report.

Benchmark U.S. crude fell $2.46, or 4.8 percent, to $48.90 a barrel in New York and Brent crude, the international standard, fell $2.50, or 4.6 percent, to $51.46 a barrel in London. Oilfield services company Schlumberger sagged $1.97, or 2.8 percent, to $69.39 and Marathon Oil dropped $1.03, or 7.1 percent, to $13.50.

Jack Daniels maker Brown-Forman slumped after it put out a statement saying the company is not for sale and plans to remain under family control. The stock jumped Monday on reports that Constellation Brands, which makes Corona and Modelo beers, might try to buy Brown-Forman. The stock fell $2.74, or 5 percent, to $51.60. Constellation Brands gained $1.31 to $180.14.

Bond prices declined. The yield on the 10-year Treasury note rose to 2.26 percent from 2.25 percent.