BLBG: U.S. Equities Hover Near Record as Financial Shares Advance
U.S. stocks were little changed, with benchmark indexes trading around all-time highs, as investors watched corporate earnings and economic reports to gauge whether the latest rally is justified.
EBay Inc. and Biogen Inc. jumped at least 2 percent after reporting earnings that beat analystsâ€™ estimates. Toy makers slumped amid disappointing results at Mattel Inc. while McKesson Corp.â€™s comments on weaker drug pricing sparked declines in drug distributors.
The S&P 500 Index fell less than 0.1 percent to 2,296.68 at 4 p.m. in New York, after reaching record highs for two days in a row. The Dow Jones Industrial Average, which crossed above 20,000 for the first time Wednesday, advanced 0.2 percent to 20,100.63.
Seven of the 11 S&P 500 industry groups climbed, with financial stocks and industrial shares leading the gain
Industrial stocks in the S&P 500 posted a 0.3% advance and materials shares gained for a fifth straight session
Real estate shares ended lower after jumping as much as 0.6% in intraday trading
Health-care shares lost 0.7% for the seventh decline in eight sessions
Optimism over President Donald Trumpâ€™s pro-growth policy and better-than-expected corporate earnings have helped stocks break out of a month-long stasis
With economic data exceeding economistsâ€™ forecasts at the fastest rate in almost five years, investors will look to Fridayâ€™s measure of fourth-quarter gross domestic product for further signs of economic vitality
The CBOE Volatility Index slid 0.7% to 10.73 at 4 p.m., the lowest since July 2014
As the Dow marched beyond 20,000, the number of bearish options on an exchange-traded fund that tracks it also climbed, relative to bullish contracts; new positions that opened last week helped send the put-to-call ratio on the SPDR Dow Jones Industrial Average ETF Trust to its highest since October 2015
After-market Thursday: CR Bard(BCR), E*TRADE Financial (ETFC), Arthur J Gallagher (AJG), Alphabet Inc (GOOGL), VMware (VMW), Intel Corp (INTC), Wynn Resorts (WYNN), Starbucks (SBUX), PayPal Holdings (PYPL), Microsoft (MSFT), Juniper Networks (JNPR), KLA-Tencor (KLAC), Robert Half International (RHI), Eastman Chemical (EMN)
Before-market Friday: Air Products & Chemicals (APD), Honeywell (HON), Chevron (CVX), American Group (AAL), Colgate-Palmolive (CL), AbbVie (ABBV), NextEra Energy (NEE), General Dynamics (GD), Franklin Resources (BEN), EnterpriseProducts Partners (EPD), Affiliated Managers Group (AMG)