Modest price gains, led by banks, push stock indexes higher

Financial companies led U.S. stock indexes higher Thursday, nudging the Nasdaq composite index to a record high.

The latest gains came as the stock market continued to trade mostly in a narrow range in the absence of major new economic data and ahead of next week’s meeting of Federal Reserve policymakers.

Speculation that the Fed will raise interest rates helped boost financial stocks for the second day in a row. Higher interest rates allow banks and credit card issuers to charge more for loans, which boosts profits.

Utilities and consumer goods companies were among the biggest decliners. Energy stocks also fell as crude oil prices declined.

The Standard & Poor’s 500 index gained 0.65 points, or 0.03 percent, to 2,433.79. The Dow Jones industrial average rose 8.84 points, or 0.04 percent, to 21,182.53. Both indexes remain slightly below their record highs set last Friday.

The Nasdaq added 24.38 points, or 0.4 percent, to 6,321.76. Small-company stocks fared better than the rest of the market. The Russell 2000 index climbed 18.94 points, or 1.4 percent, to 1,415.61.

Bond prices fell. The 10year Treasury yield rose to 2.19 percent from 2.18 percent late Wednesday.

Goldman Sachs Group picked up $2.98, or 1.4 percent, to $218.76. JPMorgan Chase added $1.04, or 1.2 percent, to $84.95. Regions Financial gained 44 cents, or 3.2 percent, to $14.03.

Traders also welcomed news that members of the Nordstrom family are considering taking the company private.

Like Macy’s and other big department store chains, Nordstrom has struggled to cope with competition from online retailers. The company, which has 354 stores in the U.S. and Canada, has seen its stock tumble by half since early 2015. On Thursday, the stock soared $4.15, or 10.3 percent, to $44.63.

Investors cheered Alibaba Group Holding’s latest revenue forecast. Shares in the Chinese e-commerce company gained $16.70, or 13.3 percent, to $142.34.

Some companies failed to impress traders.

Urban Outfitters slid 10.3 percent after the retailer said sales at older stores are running lower than expected this month. That followed weak sales in May. The stock shed $1.88 to $16.35.

Benchmark U.S. crude wavered for much of the day before sliding 8 cents to settle at $45.64 a barrel in New York. Brent crude, used to price international oils, fell 20 cents to close at $47.86 per barrel in London. Wholesale gasoline held steady at $1.49 per gallon. Heating oil rose 1 cent to $1.42 per gallon. Natural gas added 1 cent to $3.03 per 1,000 cubic feet.

The dollar rose to 109.94 yen from Wednesday’s 109.83 yen. The euro weakened to $1.1222 from $1.1252.

In metals trading, gold fell $13.70, or 1.1 percent, to $1,279.50 per ounce. Silver lost 21 cents, or 1.2 percent, to $17.41 per ounce. Copper gained 6 cents, or 2.3 percent, to $2.61 per pound.