U.S. stock indexes wavered between small gains and losses in late-afternoon trading Thursday as investors sized up the latest company earnings news. Consumer goods and financial stocks climbed the most. Health care was the biggest laggard. The market was coming off solid gains from the day before, when the Dow Jones industrial average and other indexes closed at record highs.
KEEPING SCORE: The Standard & Poor’s 500 index was down 1 point, or 0.1 percent, to 2,296 as of 3:38 p.m. Eastern Time. The Nasdaq composite index added 37 points to 5,656. The Dow rose 32 points, or 0.2 percent, to 20,100. Small-company stocks did worse than the rest of the market. The Russell 2000 lost 7 points, or 0.5 percent, to 1,375. More stocks fell than rose on the New York Stock Exchange.
THE QUOTE: “We have come pretty far, but markets don’t go up in a straight line,” said Larry Hatheway, chief economist at GAM, an asset management firm. “There’s a tendency occasionally to pause and pull back.”
RECORD RUN: It’s been a record-making week on Wall Street. The S&P 500 index and Nasdaq composite closed at all-time highs on Tuesday and Wednesday. The Dow, which tracks 30 major industrial companies, added its own milestone Wednesday after it breached the 20,000 mark for the first time. The market is getting a boost from strong company earnings and investor optimism that the Trump administration’s policies on taxes, regulation and trade will be good for business.
SOLD: United Rentals jumped 10.9 percent after the equipment rentals company said it has agreed to acquire construction equipment company NES Rentals for $965 million. United Rentals led all the gainers in the S&P 500, climbing $12.48 to $126.74.
FRESH COAT: Sherwin-Williams climbed 7.9 percent after the paint and coatings company reported quarterly earnings and revenue that easily beat analysts’ forecasts. The company said it expects to complete its $11.3 billion purchase of Valspar within 90 days after making a relatively small divestiture. The stock gained $22.40 to $305.82.
HEALTHY RESULTS: Biogen rose 2.3 percent after the company reported a bigger profit than expected, which bought it back to around breakeven this year. The stock added $6.20 to $279.44.
HOME SWEET HOME: PulteGroup gained 3.4 percent after the homebuilder reported that quarterly earnings and sales beat Wall Street’s estimates. The stock was up 70 cents to $21.14.
SMOOTH SAILING: Royal Caribbean Cruises Ltd. was up 8.9 percent after the cruise line operator gave an optimistic forecast for 2017 and said bookings are good. The stock added $7.79 to $95.46.
NO JOY: Mattel sank 18 percent after the toymaker reported a big slowdown in sales over the holidays. The stock was the biggest decliner in the S&P 500, sliding $5.67 to $25.89.
PRICE SLUMP: McKesson slid 8.4 percent after the prescription drug distributor said prices were weaker than it expected in its fiscal third quarter. The stock shed $12.65 to $138.45.
BREXIT WORRIES: Whirlpool tumbled 8.6 percent after the appliance maker said Britain’s impending departure from the European Union hurt its profits. The stock fell $16.39 to $173.81.
MARKETS OVERSEAS: Germany’s DAX rose 0.4 percent, while the CAC-40 in France slipped 0.2 percent. The FTSE 100 index of leading British shares was flat. Earlier in Asia, Japan’s Nikkei 225 surged 1.8 percent and South Korea’s Kospi gained 0.8 percent. Hong Kong’s Hang Seng index rose 1.4 percent. Markets in China, Hong Kong, South Korea and other Asian countries are about to begin holidays of varying lengths to mark the lunar new year, curtailing trading across much of the region.
OIL: Benchmark U.S. crude oil rose $1.03, or 2 percent, to close at $53.78 a barrel in New York. Brent crude, used to price international oils, gained $1.16, or 2.1 percent, to close at $56.24 a barrel in London. In other energy trading, wholesale gasoline rose 2 cents to $1.54 a gallon, while heating oil added 3 cents to $1.64 a gallon. Natural gas futures rose 5 cents, or 1.5 percent, to $3.38 per 1,000 cubic feet.
TREASURY YIELDS: Bond prices were rose. The 10-year Treasury yield slid to 2.50 percent from 2.52 percent late Wednesday.
CURRENCIES: The dollar rose to 114.42 yen from 113.60 on Wednesday. The euro fell to $1.0692 from $1.0743.
METALS: The price of gold fell $8, or 0.7 percent, to $1,189.80 an ounce. Silver slid 13 cents to $16.85 an ounce. Copper gave up 4 cents to $2.67 a pound.