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Wednesday 15 August 2018

US stocks fall back from record highs following media and retail losses

US stocks retreated on Thursday from record highs (AP Photo/Mark Lennihan, File)
US stocks retreated on Thursday from record highs (AP Photo/Mark Lennihan, File)

U.S. stock indexes retreated from their record highs on 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 have made big gains over the last month.

Meanwhile the Standard & Poor's 500 index gave up 4.31 points, or 0.2%, to 2,550.93 and the Dow Jones industrial average slid 31.88 points, or 0.1%, to 22,841.01.

The Nasdaq composite fell 12.04 points, or 0.2%, to 6,591.51 the Russell 2000 index of smaller-company stocks shed 1.76 points, or 0.1%, to 1,505.16.

For the week to Thursday the S&P 500 is up 1.60 points, or 0.1% and t he Dow is up 67.34 points, or 0.3%.

The Nasdaq is up 1.33 points, or less than 0.1%, although t he Russell 2000 is down 5.05 points, or 0.3%.

On Wednesday US stock indexes reached record highs as investors got ready for another round of corporate reports to begin.

Technology companies like PayPal, Visa, and Google's parent company Alphabet made some of the biggest gains as the market was little changed for the third day in a row.

Banks slipped along with interest rates and industrial companies took small losses.

The S&P's 500 index gained 4.60 points, or 0.2%, to 2,555.24. The Dow Jones industrial average added 42.21 points, or 0.2%, to 22,872.89. The Nasdaq composite rose 16.30 points, or 0.2%, to 6,603.55.

All three indexes finished at all-time highs. The Russell 2000 index of smaller-company stocks edged down 1.08 points, or 0.1%, to 1,506.92.


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