The Business Times

US: Nasdaq edges to record while Dow retreats

Published Wed, Feb 8, 2017 · 10:46 PM

[NEW YORK] The Nasdaq edged up to another record close on Wednesday while weakness in banking stocks pressured the Dow.

Strong gains by EBay and Tesla Motors, among others, helped the tech-rich Nasdaq Composite Index rise 0.2 per cent to 5,682,45, its second straight record.

But the Dow Jones Industrial Average shed 0.2 per cent to end the day at 20,054.34, while the broad-based S&P 500 gained 0.1 per cent to 2,294.67.

Stocks stayed within a tight range throughout the day, with analysts citing the lack of major economic news to drive the market one way or another.

Banking shares were generally weak, with Dow members JPMorgan Chase and Goldman Sachs both losing almost one per cent.

Some retailers scored solid gains, including Macy's and Gap, both up 2.5 per cent, and Wal-Mart Stores, up 1.4 per cent.

Nordstrom jumped 4.1 per cent despite enduring a Twitter attack from President Donald Trump, who criticised the upscale department store for dropping his daughter Ivanka's fashion line due to poor sales.

Gilead Sciences plunged 8.6 per cent on disappointment over the drug company's 2017 forecast. Gilead expects drug sales of between US$22.5 billion and US$24.5 billion, far below the US$27.9 billion expected by analysts.

Goodyear Tire & Rubber lost 0.3 per cent as it cited higher raw material costs as a drag on expected 2017 results, disappointing some analysts.



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