Dow hits new high on weak day for retailers
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.