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US Stock Indexes Edge Mostly Higher in Midday Trading

  • 05-09-2017
NEW YORK — U.S. stock indexes are edging mostly higher in midday trading, a day after setting their latest record highs. Consumer-focused and industrial companies are gaining, but energy stocks are falling.þþKEEPING SCORE: The Standard & Poor's 500 index edged up a fraction to 2,399, as of 12:31 p.m. Eastern time. If it remains up for the day, it would mark the third straight session where it's set an all-time high.þþThe Dow Jones industrial average slipped 7 points to 21,004, and the Nasdaq composite rose 20 points, or 0.3 percent, to 6,123.þþMARKETS ABROAD: European markets were mostly higher, and the German DAX rose 0.4 percent. The CAC 40 in France gained 0.3 percent, and the FTSE 100 in London rose 0.6 percent.þþJapan's Nikkei 225 index dipped 0.3 percent, while the Hang Seng in Hong Kong jumped 1.3 percent. South Korean markets were closed as votes headed to the polls to vote for president.þþCHECKING IN: Marriott International jumped $6.10, or 6.3 percent, to $102.47 after reporting stronger-than-expected earnings for the latest quarter. The hotel operator cited improving trends around the world, from North America to Europe to Asia.þþOFF THE LOT: Hertz Global Holdings sank $1.77, or 11.9 percent, to $13.14 after reporting a larger loss for the last quarter than analysts expected.þþYIELDS RISE: Treasury yields rose as bond prices dropped. The 10-year Treasury yield rose to 2.41 percent from 2.39 percent late Monday. It has been climbing since hitting a low of 2.17 percent three weeks ago.þþDIVIDEND PAYERS: When bond yields were scraping close to their record lows last summer, the relatively big dividends paid out by utility stocks, telecoms and real-estate investment trusts looked particularly attractive. Now, with bonds beginning to pay more interest, demand for dividends has dulled a bit.þþTelecom stocks in the S&P 500 fell 0.5 percent. Utilities lost 0.6 percent and real-estate stocks lost 1.1 0.5 percent. Telecom stocks have dropped nearly 11 percent this year, when the overall S&P 500 is up 7 percent.þþEVERYONE REMAINS CALM: Markets have been placid, as investors keep crossing off reasons to fear. Last week's jobs report gave reassurance that the U.S. economy is improving despite its weak showing at the start of the year, and companies have been turning in stronger profit reports. This past weekend's presidential election in France also raised confidence that voters may be turning their back on a nationalistic brand of politics that could hurt global trade.þþThe market has become so calm that an index used to measure fear among traders is close to its lowest in more than two decades. The VIX volatility index on Monday hit its lowest closing level since 1993, and it held close to that level Tuesday.þþCURRENCIES: The euro fell to $1.0896 from $1.0930 late Monday. The dollar rose to 114.07 Japanese yen from 113.07 yen, and the British pound slipped to $1.2928 from $1.2943.þþCOMMODITIES: Benchmark U.S. crude fell 36 cents to $46.07 per barrel. Brent crude, the international standard, slipped 39 cents to $48.95 per barrel.þþNatural gas rose 3 cents to $3.21 per 1,000 cubic feet, heating oil fell a penny to $1.45 per gallon and wholesale gasoline slipped 1 cent to $1.51 per gallon.þþGold dipped $6.70 to $1,220.40 per ounce, silver fell 10 cents to $16.16 per ounce and copper added a penny to $2.50 per pound.

Source: NY Times