More records as US stocks rise for 7th day

Associated Press

NEW YORK

U.S. stocks made the tiniest of gains Friday as media companies and sellers of beauty products and food ticked higher. Major indexes added to their winning streak and record highs.

Stocks spent the day flipping back and forth between small gains and losses. Beauty products maker Ulta rose after a strong first-quarter report and competitor Coty climbed as well. Media companies including Comcast and Disney also advanced while video game and drug companies slipped.

The market has been steady in recent months, and with investors looking forward to the Memorial Day holiday Monday, trading was light.

It was the seventh gain in a row for the Standard & Poor’s 500 index and Nasdaq composite following their biggest loss this year.

“Investors have been conditioned over multiple years to buy the dip any time there’s a market pullback,” said Jason Draho, the head of American tactical asset allocation for UBS Wealth Management. He said that’s one reason stocks have been so steady lately.

Some of the market’s biggest moves were based on company earnings, and many of those came from consumer-focused companies.

Ulta Beauty gained $9.36, or 3.1 percent, to $302.40. Costco Wholesale rose $3.13, or 1.8 percent, to $177.86 after the warehouse club had a strong quarter as sales and member payments both increased.

Uggs maker Deckers Outdoor turned in earnings that were stronger than expected, and its stock gained $10.64, or 18.8 percent, to $67.21.

GameStop’s first-quarter results were stronger than analysts expected, but sales of new software and wireless devices were disappointing. The stock gave up $1.40, or 5.9 percent, to $22.22. Video game publishers also fell.