Dow, S&P 500 Poised For 5th Straight Weekly Gain; Steel Names Rise


Dow, S&P 500 Poised For 5th Straight Weekly Gain; Steel Names Rise

USA stock indexes retreated from their record highs Thursday as retailers and media companies declined and investors shrugged at quarterly reports from a few big banks.

Clothing companies and other retailers fell after women's clothing company J. Jill slashed its third-quarter forecast. Other cable and satellite TV companies also stumbled.

But Wells Fargo tumbled more than 3 per cent, set for its biggest drop since mid-April, after reporting lower-than-expected revenue for the fourth straight quarter due to a decline in mortgage banking revenue.

Corporate earnings for the S&P 500 have grown 6.1 percent, 15.5 percent and 10.8 percent in the fourth quarter of a year ago and the first and second quarters of 2017, respectively.

The Nasdaq is up 1.33 points, or less than 0.1 percent.

At 12.39pm, the Dow was up 0.17 per cent, at 22,878.7, the S&P 500 was up 4.82 points, or 0.19 per cent, at 2,555.75 and the Nasdaq was up 19.50 points, or 0.3 per cent, at 6,611.01. The Nasdaq Composite index rose 0.2% to a record close at 6,605.80, and 0.2% on the week for a third weekly gain in a row.

On Wednesday US stock indexes reached record highs as investors got ready for another round of corporate reports to begin.

Banks slipped along with interest rates and industrial companies took small losses.

Six of the 11 major S&P sectors were higher, led by a 0.7 per cent gain in the technology index, which had led much of the market's rally this year. The VIX Volatility Index was higher at 9.93 for a gain of 0.08 points or 0.81%.

All three indexes finished at all-time highs.

In small-caps, the Russell 2000 Index closed at 1,505.16 for a loss of 1.76 points or 0.12%.