Stocks end mixed as Nike, Sears fall

U.S. stocks finished mostly higher Wednesday as technology and industrial companies rose. Banks fell with interest rates as the market came off its biggest loss in five months.

Technology companies led the market. Gains for shipping company FedEx helped lift industrial firms. Nike and Sears dived.

A day earlier, stocks slid as investors wondered if key parts of President Trump’s agenda, such as tax cuts and more infrastructure spending, will be delayed. The Republican-backed American Health Care Act appeared to be in trouble as the House of Representatives prepares to vote on it Thursday.

Terry Simpson, a multiasset strategist for BlackRock, said it’s noteworthy that even though the bill’s fate is unclear, stocks didn’t fall any further Wednesday. “The market really wants to believe in the new administration,” he said.

Apple rose 1.1% to $141.42, Microsoft climbed 1.3% to $65.03 and chipmaker Nvidia advanced 2% to $108.07. The Standard & Poor’s 500’s tech index is up 11% in 2017, more than double the gain for the broader S&P 500.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.40% from 2.42%. Lower bond yields mean lower interest rates, and those cut the profits banks can make from lending.

Investors snapped up high-dividend utilities and real estate investment trusts as bond yields fell. Exelon rose 0.9% to $36.30, and Consolidated Edison rose 1% to $78.11. Utilities are the S&P 500’s best-performing part over the last month.

Nike dropped 7.1% to $53.92, its biggest loss since June 2012, after reporting slightly disappointing thirdquarter sales and releasing forecasts for this quarter that displeased investors.

FedEx didn’t have a great holiday season, but its revenue was a bit better than expected and analysts said they think its business is going to improve. Its stock rose 2.1% to $195.92. Railroad and airplane firms also climbed.

Mallinckrodt fell 3.4% to $42.54 after San Diegobased Imprimis Pharmaceuticals said it is studying a drug that would compete with Mallinckrodt’s costly drug HP Acthar gel. Imprimis rose 2.5% to $2.48.

Oil prices kept falling after the U.S. government said fuel stockpiles grew more than expected last week. U.S. crude fell 20 cents to $48.04 a barrel. Brent crude fell 32 cents to $50.64 a barrel. Wholesale gasoline stayed at $1.60 a gallon. Heating oil fell 1 cent to $1.50 a gallon. Natural gas fell 8 cents to $3.01 per 1,000 cubic feet.

Gold rose $3.20 to $1,249.70 an ounce. Silver fell less than 1 cent to $17.58 an ounce. Copper rose 1 cent to $1.63 a pound.

The dollar fell to 110.92 yen from 111.90 yen. The euro fell to $1.0798 from $1.0804.