Dow ekes out another record even as other indexes struggle
Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on September 14, 2017 in New York. Credit: AFP/Getty Images / BRYAN R. SMITH
It was a split decision on Wall Street on Thursday as gains in a handful of industrial and health care companies largely outweighed sluggishness elsewhere in the market, including the technology sector.
Sizable gains by Boeing and United Technology were enough to push the Dow Jones industrial average to another record, but other major indexes fell.
Retailers were also weak after the government said prices paid by consumers jumped in August. That could prompt the Federal Reserve to raise interest rates sooner than expected in order to cool the economy and stave off inflation. That would be bad for companies like retailers that depend on shoppers spending money.
Energy companies rose as U.S. crude oil climbed to its highest price in six weeks.
The Standard & Poor’s 500 index slid 2.75 points, or 0.1 percent, to 2,495.62. The Dow Jones industrial average rose 45.30 points, or 0.2 percent, to 22,203.48. It was the Dow’s third straight record high close.
The Nasdaq composite slumped 31.10 points, or 0.5 percent, to 6,429.08 as big names like Facebook and Alphabet, Google’s parent company, lost ground. The Russell 2000 index of smaller-company stocks fell 1.87 points, or 0.1 percent, to 1,425.02.
On the New York Stock Exchange, there were slightly more winners than losers.
Labor Day weekend travel forecast NewsdayTV's Ken Buffa spoke with Robert Sinclair Jr., senior manager of public affairs for AAA Northeast, about some of the best and worst times to travel during the holiday weekend.
Labor Day weekend travel forecast NewsdayTV's Ken Buffa spoke with Robert Sinclair Jr., senior manager of public affairs for AAA Northeast, about some of the best and worst times to travel during the holiday weekend.
