US stock indexes drift mostly lower

Associated Press

The Dow Jones industrial average inched further into record territory Thursday, eking out a gain while the broader U.S. market indexes drifted lower.

The Dow’s gain came a day after closing above 20,000 for the first time. The Standard & Poor’s 500 index and Nasdaq composite posted small losses, snapping two days of consecutive record highs.

More stocks fell than rose on the New York Stock Exchange. Financial stocks led the gainers, while health care companies lagged the most.

With about 30 percent of the companies in the S&P 500 index serving up earnings this week, the quarterly report cards continued to be a focus for investors Thursday.

“Earnings have come in strong, for sure,” said Patrick Schaffer, global investment specialist, J.P. Morgan Private Bank. “The market continues to digest some of the earnings news, and obviously markets don’t go up or down in a straight line.”

It’s been a record-making week on Wall Street. The S&P 500 index and Nasdaq composite closed at all-time highs 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.

On Thursday, the stock indexes wavered between small gains and losses for most of the day as investors sized up the latest company earnings news.

Several companies got a boost after they reported results that exceeded Wall Street’s expectations, including Sherwin-Williams. The paint and coatings company also said it expects to complete its $11.3 billion purchase of Valspar within 90 days after making a relatively small divestiture. The stock gained $21.58, or 7.6 percent, to $305.

Traders welcomed an optimistic 2017 forecast and good bookings from Royal Caribbean Cruises. The cruise operator’s stock jumped $7.97, or 9.1 percent, to $95.64.

A slump in toy sales over the holidays dampened Mattel’s latest results. The toymaker was the biggest decliner in the S&P 500, sliding $5.57, or 17.7 percent, to $25.99.