Wednesday, March 29, 2023

US stock indexes move higher in afternoon trading; oil rises 

By on June 30, 2017

Specialist Anthony Matesic, left, and trader Michael Milano work on the floor of the New York Stock Exchange, Thursday, June 29, 2017. (Richard Drew/AP)

AP Business Writer

U.S. stock indexes edged higher in afternoon trading Friday, recovering some of their losses from a day earlier. Industrial stocks and consumer-focused companies led the gainers. Energy companies also rose as crude oil prices headed higher. Real estate and banks lagged. Investors were sizing up the latest company earnings and deal news and adjusting portfolios in the final hours of the second quarter.

KEEPING SCORE: The Standard & Poor’s 500 index rose 10 points, or 0.4 percent, to 2,430 as of 2:47 p.m. Eastern time. The Dow Jones industrial average gained 102 points, or 0.5 percent, to 21,389. The Nasdaq composite added 18 points, or 0.3 percent, to 6,162. The Russell 2000 index of small-company stocks picked up 2 points, or 0.2 percent, to 1,419. The stock market was rebounding from a steep decline led by technology companies.

THE QUOTE: “Overall we’re ending this quarter with a strong market, even though technology has taken a hit, other sectors have moved up,” said Quincy Krosby, chief market strategist at Prudential Financial.

QUARTER’S END: With the second quarter of the year coming to an end, some investors traditionally look to close out positions and book profits. That can make trading choppy in the final hours of the day.

JUST DID IT: Nike jumped 11.7 percent after the athletic apparel company’s latest quarterly results beat Wall Street’s forecasts. The company also said it’s testing a program to sell sneakers through directly, instead of via third-party sellers. The stock was the biggest gainer in the S&P 500 index, adding $6.23 to $59.40.

REAL ESTATE BET: Parkway vaulted 12.2 percent after the Canada Pension Plan Investment Board agreed to buy the commercial real estate investment trust for about $1.13 billion. Parkway rose $2.48 to $22.86.

BUYING IN: Hain Celestial climbed 8.9 percent after activist investor Engaged Capital disclosed a 9.9 percent stake in the organic food maker. Hain shares added $3.18 to $38.94.

INDUSTRIALS CLIMB: Investors bid up shares in industrial companies. Specialty contractor Quanta Services was the biggest gainer in the sector, adding $1.17, or 3.7 percent, to $33.095.

SHOOTING BLANKS: American Outdoor Brands slid 6.1 percent after the firearms maker issued weak forecasts for the current quarter and the fiscal year. Shares in the company, which changed its name from Smith & Wesson earlier this year, fell $1.45 to $22.49.

STILL HURTS: Cara Therapeutics sank 38 percent after results from a trial of the company’s osteoarthritis pain treatment disappointed investors. The stock gave up $9.70 to $15.82.

SHOPPED OUT: Real estate companies were down the most, led by shopping center owner Kimco Realty. The real estate investment trust gave up 61 cents, or 3.2 percent, to $18.16.

ENERGY: Crude oil prices closed higher for the seventh straight day. Benchmark U.S. crude gained $1.11, or 2.5 percent, to settle at $46.04 a barrel in New York. Brent, the international standard, rose $1.14, or 2.4 percent, to close at $48.77 a barrel in London. In other energy futures trading, wholesale gasoline picked up 4 cents to $1.51 per gallon. Heating oil added 3 cents to $1.48 per gallon. Natural gas was little changed at $3.04 per 1,000 cubic feet.

METALS: Gold fell $3.50 to settle at $1,242.30 per ounce. Silver slipped 3 cents to $16.63 per ounce. Copper gained 2 cents to $2.71 per pound.

CURRENCIES: The dollar rose to 112.45 yen from 112.07 yen late Thursday. The euro and British pound gave up some of their gains from earlier in the week. The euro weakened to $1.1417 from $1.1432. The pound rose to $1.3014 from $1.2991.

BOND YIELDS: Bond prices fell. The 10-year Treasury yield rose to 2.29 percent from 2.27 percent late Thursday.

MARKETS OVERSEAS: European stock markets were closed lower. Germany’s DAX and the CAC 40 in France each lost 0.7 percent. The FTSE 100 index of leading British shares slid 0.5 percent. In Asia, trading was mixed. The Hang Seng in Hong Kong fell 0.8 percent, while Japan’s Nikkei 225 index dropped 0.9 percent. South Korea’s Kospi lost 0.2 percent, while Australia’s S&P ASX 200 lost 1.7 percent. Shares in Southeast Asia were mostly lower.

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