Stocks mostly lower despite record for Nasdaq
Trader John Santiago, left, works on the floor of the New York Stock Exchange, Wednesday, May 10, 2017. Credit: AP / Richard Drew
A subdued day of trading on Wall Street ended Tuesday with stocks closing mostly lower even as the Nasdaq composite notched another record high.
Utilities, phone companies and other high-dividend paying stocks were among the biggest decliners. Energy stocks also fell along with a drop in the price of crude oil. Technology companies climbed the most. Financials also eked out a small gain.
Investors sized up the latest crop of company earnings and new data on home construction and industrial production.
“The economic data that we’ve seen today is sort of what we’ve seen the last few weeks, some good, some bad,” said Jim Davis, regional investment strategist at the Private Client Group at U.S. Bank.
The Standard & Poor’s 500 index dipped 1.65 points, or 0.1 percent, to 2,400.67. The Dow Jones industrial average slid 2.19 points, or 0.01 percent, to 20,979.75. The Nasdaq gained 20.20 points, or 0.3 percent, to 6,169.87. The tech-heavy index and the S&P 500 each hit new highs on Monday.
The Russell 2000 index of smaller stocks rose 0.76 points, or 0.1 percent, to 1,394.68. More stocks fell than rose on the on the New York Stock Exchange.
Benchmark U.S. crude slipped 19 cents to close at $48.66 a barrel in New York. Brent crude, used to price international oils, lost 17 cents to settle at $51.65 a barrel in London.
Sarra Sounds Off, Ep. 17: Olympics a possibility for Long Beach wrestler? On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra talks with Long Beach wrestler Dunia Sibomana-Rodriguez about pursuing a third state title and possibly competing in the Olympics in 2028, plus Jared Valluzzi has the plays of the week.
Sarra Sounds Off, Ep. 17: Olympics a possibility for Long Beach wrestler? On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra talks with Long Beach wrestler Dunia Sibomana-Rodriguez about pursuing a third state title and possibly competing in the Olympics in 2028, plus Jared Valluzzi has the plays of the week.
