S&P snaps losing streak
Industrial and tech stocks rise as investors still mull tax overhaul.
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.