NEW YORK (AP) — Stock indexes tiptoed higher in Friday morning trading, the latest listless move for a market that took a decidedly slow-and-steady path to record highs in recent days. Industrial stocks had the biggest declines, while telecoms rose.
KEEPING SCORE: The Standard & Poor’s 500 index was up 4 points, or 0.2 percent, to 2,169 at 11:04 a.m. Eastern time. The Dow Jones industrial average was flat at 18,515. The Nasdaq composite gained 14, or 0.3 percent, to 5,088.
ANOTHER MILD ONE: It’s been a calm drive the last two weeks for the S&P 500, where mostly modest gains have helped set a series of records culminating in its all-time high of 2,173.02 set on Wednesday. The S&P 500 has yet to have a day where it moved by 1 percent, up or down, in the last two weeks.
Many doubts are still hanging over the market, including the continued drop for corporate earnings and a U.S. economy that is growing only modestly. Various earnings and economic reports have come in better than expected, however, and the S&P 500 is up more than 8 percent since June 27.
It’s a sharp turnaround from the end of June, when worries about the United Kingdom’s vote to leave the European Union sent the S&P 500 to six straight days where it swung at least 1 percent.
OVERSEAS: European markets were mixed after reports suggested countries that use the euro are proving resilient to the uncertainty surrounding Britain’s vote. A report on business in the U.K. was “truly horrible,” according to one economist, and raised expectations of more central bank stimulus there.
Germany’s DAX index dipped 0.1 percent, France’s CAC 40 index was close to flat and Britain’s FTSE 100 rose 0.4 percent. Japan’s Nikkei 225 index fell 1.1 percent, Hong Kong’s Hang Seng dipped 0.2 percent and South Korea’s Kospi index lost 0.1 percent.
NOT SO SWEET: Honeywell International fell $4.34, or 3.7 percent, to $114.32 to lead industrial stocks lower. The company reported stronger earnings than analyst expected, but it also lowered its forecast for full-year sales.
OUCH: Stryker fell $4.56, or 3.7 percent, to $118.01 after it gave a forecast for earnings in the current quarter that was lower than analysts were expecting. The medical device maker’s stock had been up more than 30 percent for the year before the report.
POWERED UP: Stanley Black & Decker jumped $5.58 or 4.9 percent, to $120.55 after reporting stronger revenue and earnings for its last quarter than Wall Street expected. It benefited from stronger tool sales in Europe and elsewhere.
ENERGIZED: Southwestern Energy jumped $1.19 cents, or 9 percent, to $14.40. It was the first day of trading for the producer of natural gas and oil after it reported higher-than-expected earnings and raised its forecast for production this year.
ALIGHTING: American Airlines climbed $1.10, or 3.1 percent, to $36.06 after reporting a milder drop in quarterly earnings than analysts expected. The carrier’s revenue fell 4 percent because of the soft global economy, among other factors, but Wall Street was forecasting a steeper drop.
BONDS: The yield on the 10-year Treasury note rose to 1.57 percent from 1.56 percent late Thursday. The yield on the 30-year Treasury bond climbed to 2.30 percent from 2.29 percent.
COMMODITIES: The price of U.S. crude fell 73 cents, or 1.6 percent, to $44.03 a barrel. Brent crude, the global benchmark, fell 69 cents, or 1.5 percent, to $45.51 a barrel in London. Gold fell $8.50, or 0.6 percent, to $1,322.50 per ounce.
CURRENCIES: The pound sank against the dollar on expectations for more stimulus from the Bank of England. It fell to $1.3102 from $1.3203. The dollar ticked up to 106.07 Japanese yen from 105.86 yen, and the euro dipped to $1.0996 from $1.1013.
First Published: July 22, 2016, 4:00 a.m.
Updated: July 22, 2016, 3:08 p.m.
