Media, retail losses pull stock indexes away from highs

Associated Press

NEW YORK

U.S. stock indexes retreated from their record highs Thursday as retailers and media companies declined and investors shrugged at quarterly reports from a few big banks.

Clothing companies and other retailers fell after women’s clothing company J. Jill slashed its third-quarter forecast. The company’s stock lost more than half its value.

AT&T had its worst one-day loss since 2008 after it said lost more satellite and cable TV subscribers in the third quarter. Other cable and satellite TV companies also stumbled. Industrial companies and household goods makers finished higher.

JPMorgan Chase and Citigroup both did better than analysts expected in the third quarter, but their stocks fell and so did shares of other banks. They’ve made big gains over the last month.

CFRA Investment Strategist Lindsey Bell said the companies reported good results from their consumer banking businesses, but other divisions didn’t do as well.

More stocks rose than fell on the New York Stock Exchange.

Industrial and transportation companies such as railroads did better than the rest of the market. Machinery maker Caterpillar gained $1.39, or 1.1 percent, to $129.99 and railroad operator Norfolk Southern rose $2.20, or 1.7 percent, to $133.69.

Citigroup said its investment banking business did well in the latest quarter, while JPMorgan Chase said its consumer banking business improved compared to a year ago. But Citigroup fell $2.57, or 3.4 percent, to $72.37, and JPMorgan gave up 85 cents to $95.99.