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Stocks notch tiny gains; Nasdaq at record

Trader John Panin, center, works on the floor

Trader John Panin, center, works on the floor of the New York Stock Exchange, Wednesday, Feb. 1, 2017.  Credit: AP / Richard Drew

U.S. stock indexes are notching tiny gains as the market struggles higher after a day of up-and-down trading.

The modest increase Tuesday was enough to mark another all-time high for the Nasdaq composite index.

Consumer goods makers and technology companies rose, while energy companies fell along with the price of oil.

Philip Morris International rose 1.6 percent, while Chevron fell 1.4 percent.

Michael Kors slumped 10.8 percent after the luxury retailer reported lower fiscal third-quarter earnings and sales.

The Standard & Poor’s 500 index rose a fraction to 2,293.

The Dow Jones industrial average gained 37 points, or 0.2 percent, to 20,090. The Nasdaq composite rose 10 points, or 0.2 percent, to 5,674.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.39 percent.

ENERGY: Several oil and gas companies were headed lower as crude prices fell. Chevron was the biggest decliner in the Dow, shedding $1.79, or 1.6 percent, to $111.21. Murphy Oil slid $1.41, or 4.9 percent, to $27.68, while Chesapeake Energy gave up 26 cents, or 4.1 percent, to $6.12. Newfield Exploration slid $1.50, or 3.7 percent, to $39.21. Energy has been the worst-performing sector in the market over the last month and is now back to where it stood in November, when OPEC announced a deal to cut oil production.

NOT A SHOCK: Emerson Electric surged 4.1 percent after posting better-than-expected fiscal first-quarter earnings and sales. The company, which makes process controls systems, valves and analytical instruments, also raised its estimates for the rest of the year. The stock rose $2.44 to $62.31.

HEALTHY QUARTER: Centene climbed 6.3 percent after the health insurer’s latest quarterly snapshot exceeded Wall Street’s estimates. The stock added $4.02 to $67.65.

UNFASHIONABLE RESULTS: Michael Kors slumped 12.2 percent after the luxury retailer reported lower fiscal third-quarter earnings and sales. The company also gave weak guidance for the current quarter and cut its estimates for the year. The stock slid $5.06 to $36.22.

DRIVE MY CAR: General Motors fell 5.3 percent after the automaker said its earnings declined in the fourth quarter as costs increased. The stock gave up $1.97 to $34.86.

ROUGH RIDE: YRC Worldwide was down 16.1 percent after the trucking company reported a weak revenue measure. The stock slid $2.42 to $12.60.

COSTLY TECH: Sabre tumbled 11.1 percent after the travel industry technology provider issued a forecast for 2017 that fell short of Wall Street’s estimates. The company noted that increased investments in IT and other parts of its business will cut into its bottom line. The stock shed $2.76 to $22.05.

MARKETS OVERSEAS: In Europe, Germany’s DAX index was up 0.5 percent, while France’s CAC 40 was 0.4 percent lower. The FTSE 100 index of leading British shares was up 0.5 percent. Stock indexes in Asia were mixed. Tokyo’s Nikkei 225 index lost 0.4 percent, while Sydney’s S&P-ASX 200 rose 0.1 percent. Seoul’s Kospi slid 0.1 percent, while India’s Sensex shed 0.6 percent.

TREASURY YIELDS: Bond prices rose. The 10-year Treasury yield fell to 2.38 percent from 2.41 percent late Monday.

OIL: Benchmark U.S. crude was down $1.09, or 2.1 percent, at $51.92 a barrel in New York. Brent crude, which is used to price international oils, was off 92 cents, or 1.7 percent, at $54.80 in London.

CURRENCIES: The dollar rose to 111.89 yen from 111.83 on Monday. The euro fell to $1.0698 from $1.0748.

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