U.S. Stock Are Little Changed After Dow Record

(Bloomberg) -- U.S. stocks fluctuated, after the Dow Jones Industrial Average rose to a record yesterday, as investors dissected corporate earningsand data showing an unexpected gain in jobless claims and higher consumer spending.

T-Mobile US Inc. rallied 9.6% after adding 1.3 million new monthly subscribers last quarter. Sprint Corp. surged 5.2% after meeting with banks to make debt arrangements for a bid for T-Mobile. Yelp Inc. gained 9.7% after raising its forecast for 2014 revenue.

The Standard & Poor’s 500 Index slipped less than 0.1% to 1,882.53 at 10:11 a.m. in New York and rose as much as 0.1%. The Dow average fell 13.17 points, or 0.1%, to 16,567.67. The 30-stock equity gauge rose 0.3% yesterday, topping the previous record it reached on Dec. 31. Government data on employment is due tomorrow.

“The market has had a nice little run here, and you’ve got a number coming tomorrow, so there may be some hesitation,” Bruce Bittles, chief investment strategist at Milwaukee-based RW Baird & Co., which oversees $110 billion, said in a phone interview. “As long as the Fed is going to remain friendly to the markets and rates are not going to go up, that’s going to be bullish for stocks.”

The S&P 500 posted a 0.6% gain in April for a third monthly advance, as better-than-estimated economic data and corporate results offset escalating tensions between the U.S. and Russia over Ukraine.

The index closed yesterday within seven points of its all- time high from April 2. Its 8.2% recovery from a low of 1,741.89 on Feb. 3 has been led by a 14% rally in energy stocks and increases of 11% each in industries least tied to economic growth: utilities and home-product makers.


Get access to this article and thousands more...

All Financial Planning articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.

Already Registered?

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

Already a subscriber? Log in here