US Market Indexes Lower on Thursday

Lloyd Doyle
October 13, 2017

US stocks closed lower on Thursday as Wall Street digested earnings from some of the top financial companies.

Clothing companies and other retailers fell after women's clothing company J. Jill slashed its third-quarter forecast.

Whether it's semiconductor and software companies focused on expanding cloud-computer services or video game companies or even the devices that support these industries, the growth in tech stocks is a long-term trend. Industrial companies and household goods makers finished higher.

At 12.39pm, the Dow was up 0.17 per cent, at 22,878.7, the S&P 500 was up 4.82 points, or 0.19 per cent, at 2,555.75 and the Nasdaq was up 19.50 points, or 0.3 per cent, at 6,611.01. The S&P 500 declined 0.2 percent to 2,550.93 after reaching an all-time high earlier in the session. Using hedge fund analytics tool Kensho, CNBC found the S&P 500 posts a gain of 2.3 percent on average 30 days after third-quarter earnings season begins, trading positive 79 percent of the time.

Shares of Bank of America briefly rose more than 1 percent in the premarket after reporting earnings and revenue that topped expectations.

Bank of America, the second-biggest USA bank by assets, rose 1.10 per cent after the lender's profit topped estimates due to higher interest rates and a drop in costs.

On the economic front, the Labor Department said its producer price index for final demand increased 0.4 percent last month after rising 0.2 percent in August.

Gains in Wal-Mart and Johnson & Johnson nudged the Dow Jones Industrial Average to another record level on Wednesday, but the broader market was sluggish ahead of big bank earnings.

The Russell 2000 is down 5.05 points, or 0.3 percent.

A boost in Apple and other technology stocks catapulted all three major Wall Street indexes to record highs on Friday.

In small-caps, the Russell 2000 Index closed at 1,505.16 for a loss of 1.76 points or 0.12%.

Other reports by Iphone Fresh

Discuss This Article