FINANCIAL MARKETS
NEW YORK—U.S. stock indexes perked higher on Thursday following a nearly weeklong lull, and the Standard & Poor’s 500 rose for the first time in five days.
Industrial and technology companies helped lead the way, as broad swaths of the market climbed. Nearly two stocks rose for every one that fell on the New York Stock Exchange, and the price of crude oil clawed back some of its sharp loss from Wednesday.
The S&P 500 rose 7.71 points, or 0.3 percent, to 2,636.98 and snapped its longest losing streak since March. Losses through that span were modest, though, with the index down only 0.7 percent.
The Dow Jones industrials average rose 70.57, or 0.3 percent, to 24,211.48, the Nasdaq composite gained 36.47, or 0.5 percent, to 6,812.84 and the Russell 2000 index of small-cap stocks jumped 11.59, or 0.8 percent, to 1,520.47. The gains were a return to form for a stock market that earlier had been driving higher on expectations that Washington will push through an overhaul of the tax system. The Senate passed its proposal over the weekend, and its plan would create slightly different winners and losers among corporate taxpayers than the House of Representatives’ version. This week, investors have been trying to shift to the areas of the market they see ultimately benefiting the most, which led to some ups and downs. Technology stocks were some of the market’s better performers, shaking off an uncharacteristic weak stretch. The industry stumbled earlier this week on expectations that it will benefit less from lower tax rates than financial companies, retailers and other areas of the market. Energy stocks recovered some of their losses from a day earlier as the price of oil ticked higher. Benchmark U.S. crude added 73 cents to settle at $56.69 per barrel and recovered a chunk of its $1.66 loss from Thursday. Brent crude, the international standard, rose 98 cents, or 1.6 percent, to $62.20 a barrel in London. That helped energy stocks in the S&P 500 rise 0.3 percent. More evidence that the job market is strengthening also arrived after a government report showed that fewer workers filed for unemployment benefits last week. The numbers are considered a proxy for layoffs, and they offer an encouraging sign that the U.S. labor market continues to improve.
On Friday, the government will release its closely watched monthly jobs report. If it shows as much strength in hiring during November as economists expect, the Federal Reserve will likely be on track to raise interest rates at its meeting next week. It would be the third rate increase of the year.
Natural gas fell 16 cents to $2.76 per 1,000 cubic feet, heating oil rose 4 cents to $1.90 per gallon and wholesale gasoline added 4 cents to $1.70 per gallon.