Dow hits new high on weak day for re­tail­ers

Richmond Times-Dispatch - - BUSINESS RTD -

NEW YORK— It was a split de­ci­sion Thurs­day on Wall Street as gains in a hand­ful of in­dus­trial and health care com­pa­nies largely out­weighed slug­gish­ness else­where in the mar­ket, in­clud­ing the tech­nol­ogy sec­tor.

Siz­able gains by Boe­ing and United Tech­nol­ogy were enough to push the Dow Jones in­dus­trial av­er­age to another record, but other ma­jor in­dexes fell.

Re­tail­ers were also weak af­ter the gov­ern­ment said prices paid by con­sumers jumped in Au­gust. That could prompt the Fed­eral Re­serve to raise in­ter­est rates sooner than ex­pected in or­der to cool the economy and stave off in­fla­tion. That would be bad for com­pa­nies like re­tail­ers that de­pend on shop­pers spend­ing money.

The Stan­dard & Poor’s 500 in­dex slid 2.75 points, or 0.1 per­cent, to 2,495.62. The Dow Jones in­dus­trial av­er­age rose 45.30 points, or 0.2 per­cent, to 22,203.48. It was the Dow’s third straight record high close.

The Nas­daq com­pos­ite slumped 31.10 points, or 0.5 per­cent, to 6,429.08 as big names such as Face­book and Al­pha­bet, Google’s par­ent com­pany, lost ground. The Rus­sell 2000 in­dex of smaller-com­pany stocks fell 1.87 points, or 0.1 per­cent, to 1,425.02.

The La­bor Department re­ported that U.S. con­sumer prices grew 0.4 per­cent in Au­gust as gas and hous­ing costs rose. Prices are up 1.9 per­cent over the last year.

Ur­ban Out­fit­ters fell 77 cents, or 3.3 per­cent, to $22.77, and dis­count re­tailer Ross Stores lost 81 cents, or 1.3 per­cent, to $60.60. Ama­zon shed $7.39 to $992.21.

Coca-Cola lost 39 cents to $46.11, and gro­cery store op­er­a­tor Kroger fell 44 cents, or 2.2 per­cent, to $21.26.

Boe­ing rose another $3.37, or 1.4 per­cent, to $245.23. Wed­nes­day af­ter­noon, CEO Dennis Muilen­burg said the com­pany ex­pects to start de­liv­er­ing more planes. Other in­dus­trial com­pa­nies also climbed. United Tech­nolo­gies gained $2.86, or 2.6 per­cent, to $113.14.

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