Tech, retail lead stocks higher

The Associated Press

NEW YORK — U.S. stocks finished mostly higher Tuesday as weeks of up-and-down trading, much of it related to trade tensions, gave way to smaller moves. Technology companies, retailers and U.S.-focused companies kept rising whilebanks fell with interest rates.

The market spent the day alternating between small gains and losses. Technology companies like Apple and eBay rose for a third straight day and the Nasdaq compositeagain set an all-time high.

The Labor Department said job openings increased in April, which could help lead to higher pay and greater consumer spending. Retailers climbed, and smaller ones fared especially well following some strong first-quarter results. Larger companies like Amazon and Macy’s also rose.

“When people have extra income, they’re going to spend it on discretionary goods,” said Jason Draho, the head of asset allocation for UBS. “The jobs data would suggest a lot of job openings (and) that’s going to lead to higher wage growth.”

However, banks fell along with interest rates and health care companies also traded lower. Starbucks fell after it said longtime chairman Howard Schultz is leaving the company.

The S&P 500 added 1.93 points, or 0.1 percent, to 2,748.80. The Dow Jones industrial average slipped 13.71 points, or 0.1 percent, to 24,799.98. The Nasdaq composite rose 31.40 points, or 0.4 percent, to 7,637.86 and the Russell 2000 climbed 11.25 points, or 0.7 percent, to 1,664.63.

The Nasdaq, which includes a heavy weighting of technology companies, and the Russell, an index comprised of smaller and more U.S.-focused companies, are at record highs. The S&P 500 is still 4 percent below the record it set on Jan. 26.