TODAY'S PAPER
Scattered Clouds 50° Good Afternoon
Scattered Clouds 50° Good Afternoon
Business

Stocks flat as five-day rally runs out of steam

The facade of the New York Stock Exchange.

The facade of the New York Stock Exchange. Global markets on Oct. 4, 2014.The facade of the New York Stock Exchange. Global markets on Oct. 4, 2014. Photo Credit: AP / Richard Drew

Stocks ended more or less where they started on Friday as a five-day rally ran out of steam.

The market was down most of the day after disappointing bank earnings weighed on financial company shares. Investors also sold retailers and other consumer-focused stocks. But by the close, the Dow Jones industrial average managed to squeeze out a gain to set another record high.

U.S. government bonds fell, sending their yields higher.

“The market is taking a breather,” said Anna Rathbun, research director at CBIZ Retirement Plan Services.

The Dow edged up 10.14 points, or 0.1 percent, to 18,516.55. The Standard & Poor’s 500 index slipped 2.01 points, or 0.1 percent, to 2,161.74. Six of the 10 sectors in that index ended lower.

The Nasdaq composite lost 4.47 points, or 0.1 percent, to end at 5,029.59.

All three indexes ended the week up, their third in a row.

Wells Fargo fell $1.23, or 2.5 percent, to $47.71 after the consumer banking giant reported a drop in second-quarter earnings.

Earnings per share for the entire S&P 500 are expected to have dropped 5.3 percent last quarter compared to a year ago, according to S&P Global Market Intelligence.

More news

Sorry to interrupt...

Your first 5 are free

Access to Newsday is free for Optimum customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE