The Palm Beach Post

Standard & Poor’s, Dow Jones fall as Nasdaq ticks up

- By Marley Jay

NEW YORK — U.S. stock indexes finished nearly back where they started Thursday as steep losses for banks and insurance companies were balanced out by gains in health care and technology firms.

Banks skidded as bond yields reached their lowest levels of the year, which sent interest rates down. Insurance companies plunged as investors weighed the prospects of big losses caused by Hurricane Irma, which is hitting the northern Caribbean and is projected to reach Florida this weekend.

Payment processing companies rose after Mastercard increased its revenue forecasts, while losses for Comcast and Disney hurt media companies.

If the storms have a noticeable effect on the economy, he added, that will help make sure the Federal Reserve moves slowly in raising interest rates. That’s something investors want to see.

The Standard & Poor’s 500 index edged down 0.44 points to 2,465.10. The Dow Jones industrial average dipped 22.86 points, or 0.1 per- cent, to 21,784.78. The Nasdaq composite rose 4.55 points, or 0.1 percent, to 6,397.87. The Russell 2000 index of smaller-company stocks lost 3.52 points, or 0.3 percent, to 1,398.67. Most of the stocks on the New York Stock Exchange rose.

The dollar fell to a 30-month low after the European Central Bank raised its economic growth forecast.

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