TODAY'S PAPER
Overcast 27° Good Evening
Overcast 27° Good Evening
Business

S&P 500 makes first gain in 5 days as markets perk up

A broker walks past snowflake lighting decorating the

A broker walks past snowflake lighting decorating the facade of the NYSE on Nov. 30, 2017.  Photo Credit: AP / Mary Altaffer

U.S. stock indexes perked higher on Thursday following a nearly weeklong lull, and the Standard & Poor’s 500 rose for the first time in five days.

Industrial and technology companies helped lead the way, as broad swaths of the market climbed. Nearly two stocks rose for every one that fell on the New York Stock Exchange, and the price of crude oil clawed back some of its sharp loss from Wednesday.

The S&P 500 rose 0.3 percent, to 2,636.98 and snapped its longest losing streak since March. Losses through that span were modest, though, with the index down only 0.7 percent.

The Dow Jones industrial average rose 70.57, or 0.3 percent, to 24,211.48, while the Nasdaq composite gained 0.5 percent, to 6,812.84.

The gains were a return to form for a stock market that earlier had been driving higher on expectations that Washington will push through an overhaul of the tax system. The Senate passed its proposal over the weekend, and its plan would create slightly different winners and losers than the House of Representatives’ version.

This week, investors have been trying to shift to the areas of the market they see ultimately benefiting the most. “The real test will be what do both houses come up with and what is put on the president’s desk to sign,” said Tom Stringfellow, chief investment officer at Frost Investment Advisors. — AP

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