Retailers Pushing US Stocks Higher 05/25 11:19
U.S. stocks are climbing for the sixth day in a row Thursday as strong
quarterly results from retailers including Best Buy and PVH give
consumer-focused companies a lift. The Standard & Poor's 500 index and Nasdaq
composite are trading at all-time highs. Stocks are stretching for their
longest winning streak in three months.
NEW YORK (AP) -- U.S. stocks are climbing for the sixth day in a row
Thursday as strong quarterly results from retailers including Best Buy and PVH
give consumer-focused companies a lift. The Standard & Poor's 500 index and
Nasdaq composite are trading at all-time highs. Stocks are stretching for their
longest winning streak in three months.
KEEPING SCORE: The Standard & Poor's 500 index advanced 11 points, or 0.5
percent, to 2,415 as of 11:25 a.m. Eastern time. It set an all-time high
Wednesday. The Dow Jones industrial average gained 87 points, or 0.4 percent,
to 21,099. The Nasdaq composite jumped 41 points, or 0.7 percent, to 6,203,
above the record it notched last week. The Russell 2000 index gained 5 points,
or 0.4 percent, to 1,387.
Unlike the other major indexes, the Russell 2000 has not recouped all of its
losses from last Wednesday, when the stock market had its worst day of the
year. The index is composed of smaller and more domestically-focused companies,
and new challenges to President Donald Trump's proposed agenda of reduced taxes
and regulations have hit those companies harder than the larger and more
established companies on other indexes.
BUY, BUY, BUY: Electronics retailer Best Buy jumped after it issued a strong
first-quarter report, including better sales of mobile devices and gaming
products. Its stock gained $9.04, or 17.9 percent, to $59.46. PVH, the owner of
brands including Calvin Klein and Tommy Hilfiger, climbed $5.44, or 5.4
percent, to $107.48 after it raised its annual forecasts in the wake of its own
strong report. Jeans maker Guess leaped $1.54, or 15.4 percent, to $11.52 after
Other retailers including Abercrombie & Fitch and Burlington Stores also
made substantial gains and online retailer Amazon approached $1,000 a share for
the first time. Amazon was up $15.88, or 1.6 percent, at $996.09.
TECH ON TOP: Technology companies made significant gains as well. Microsoft
rose 69 cents, or 1 percent, to $69.46 and Google parent Alphabet gained
$10.53, or 1.1 percent, to $988.14. Apple added 52 cents to $153.86.
OIL: Crude oil prices slid for the second day in a row as the members of
OPEC and other key oil-producing nations met in Vienna to discuss extending
their production cut from last year. Investors expected them to extend the
agreement by nine months. Oil prices have rallied over the last few weeks as
investors expected an extension, which would shore up prices. Benchmark U.S.
crude lost 63 cents, or 1.2 percent, to $50.74 a barrel in New York and Brent
crude, the international standard, fell 50 cents to $53.46 a barrel in London.
DRINKING ALONE: Jack Daniels maker Brown-Forman slumped after it put out a
statement saying the company is not for sale and plans to remain aa
family-controlled company. The stock jumped Monday on reports that
Constellation Brands, which makes Corona and Modelo beers, might try to buy
Brown-Forman. The stock fell $2.44, or 4.5 percent, to $51.90. Constellation
Brands gained $1.57 to $180.40.
TALKING TURKEY: Spam maker Hormel Foods sank as the company said its
Jennie-O turkey business continued to struggle in the second quarter. The
company's income and sales both fell short of Wall Street projections. Hormel's
stock gave up $1.81, or 5.1 percent, to $33.59.
BONDS: Bond prices edged lower. The yield on the 10-year Treasury note rose
to 2.26 percent from 2.25 percent.
CURRENCIES: The dollar dipped to 111.83 yen from 111.90 yen. The euro rose
to $1.1215 from $1.1195.
OVERSEAS: Germany's DAX was down 0.1 percent and the French CAC 40 and the
FTSE 100 index in Britain were unchanged. The Nikkei 225 index in Tokyo climbed
0.4 percent and Hong Kong's Hang Seng rallied 0.8 percent. The Kospi of South
Korea jumped 1 percent.