S&P snaps los­ing streak

In­dus­trial and tech stocks rise as in­vestors still mull tax over­haul.

The Denver Post - - BUSINESS - By Stan Choe

U.S. stock in­dexes perked higher on Thurs­day fol­low­ing a nearly week-long 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. 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.

Stocks may con­tinue to drift un­til in­vestors get more clar­ity on what the fi­nal tax pro­posal will be, said Tom Stringfel­low, chief in­vest­ment of­fi­cer at Frost In­vest­ment Ad­vi­sors.

“The mar­ket has al­ready been bid up on an­tic­i­pa­tion of this, and the real test will be what do both houses come up with and what is put on the pres­i­dent’s desk to sign,” he said.

Tech­nol­ogy stocks were some of the mar­ket’s bet­ter per­form­ers, shak­ing off an un­char­ac­ter­is­tic weak stretch.

Tech stocks in the S&P 500 rose 0.6 per­cent, and they trimmed their loss for the week to 0.3 per­cent.

They are up nearly 36 per­cent for the year, dou­ble the S&P 500’s gain.

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.

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