Tech stocks rise amid mixed overall results

U.S. stocks slipped, halting a four-day advance as weakness in industrials outweighed gains in technology shares. The dollar slumped amid ongoing political turmoil and Federal Reserve minutes that signaled no change to the pace of tightening.

The S&P 500 Index dropped less than a point, while the technology-heavy Nasdaq indexes added almost 0.4 percent. Small caps also rose. Oil prices climbed above $67 a barrel, driving energy producers higher, after a U.S. government report showed the biggest decline in crude inventories since late July.

The dollar weakened a fifth day and the 10-year Treasury yield fell to 2.82 percent after the Fed signaled in meeting minutes a readiness to hike again if the economy stays on track.

“The Fed demonstrated that it’s sticking to its game plan by raising rates once a quarter at least for the next two quarters. Nothing in the FOMC minutes indicates any change to those plans,” said Bob Baur, chief global economist at Principal Global Investors.

While all eyes focused on the legal drama in Washington, U.S. stocks remained near records amid double-digit corporate profit growth. At the same time, benchmark Treasury yields have held below 3 percent even as the Fed remains on track to raise rates amid a strengthening economy. Add to the mix trade wars and turmoil in emerging markets. Some clarity could come from a meeting of central bankers on Friday in Jackson Hole, Wyo.

Elsewhere, the Mexican peso gained after a White House official suggested a Nafta deal was near. Emerging-market shares rallied, while the Japanese yen edged lower.