Markets Right Now: Stocks climb, mark new high for S&P 500
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks gained ground steadily and closed broadly higher on Wall Street as investors rewarded solid earnings results from several large companies.
The S&P 500 got off to a weak start Wednesday but gained steam throughout the afternoon.
Technology stocks shone the brightest, and chipmaker Texas Instruments soared 7.4% after a strong earnings report.
Smaller stocks far outpaced larger ones, sending the Russell 2000 up sharply.
The Dow Jones Industrial Average fell, dragged down by big drops in Boeing and Caterpillar.
The S&P 500 rose 14 points, or 0.5%, to 3,019.
The Dow lost 79 points, or 0.3%, to 27,269. The Nasdaq rose 70 points, or 0.8%, to 8,321.
The S&P 500 and Nasdaq both closed at record highs.
Stocks are mixed on Wall Street as investors reward solid earnings results from a some companies and punish others.
Technology stocks were the brightest spot in the market Wednesday. A solid earnings report from Texas Instruments pushed the chipmaker’s stock up 7% and made the sector the biggest gainer.
Caterpillar dropped 4% after its profits were weighed down by a cooling energy sector. Health care stocks also fell.
The S&P 500 was little changed at 3,004.
The Dow Jones Industrial Average lost 137 points, or 0.5%, to 27,211. The Nasdaq rose 14 points, or 0.2%, to 8,265.
Small-company stocks rose. More stocks rose than fell on the New York Stock Exchange.
Weak earnings reports from Caterpillar, Boeing and other companies are pulling major U.S. stock indexes lower.
Caterpillar dropped 6% in the first few minutes of trading Wednesday after its profits were weighed down by a cooling energy sector.
Boeing fell 1.4% after reporting a loss of almost $3 billion as it absorbed financial damage from the grounding of its 737 Max airplane.
The S&P 500 index fell 5 points, or 0.2% to 3,000.
The Dow Jones Industrial Average lost 111 points, or 0.4%, to 27,232. The Nasdaq fell 14 points, or 0.2%, to 8,237.
Bond prices rose. The yield on the 10-year Treasury fell to 2.05%.