You have reached your limit of free articles this month.

Enjoy unlimited access to SpringfieldNewsSun.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.

X

Welcome to SpringfieldNewsSun.com

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

Stock market rally pauses Friday afternoon


The stock market rally that led to record highs this week stalled on Friday as investors waited to see where corporate profits are headed.

Major U.S. indexes were little changed on Friday afternoon, a day after the Dow Jones industrial average and the Standard & Poor’s 500 index set all-time highs.

Most signs suggested that the rally isn’t over, just paused. Indexes that measure tech stocks and small companies both rose slightly. And the Dow’s small decline was because of Boeing, which dropped after a fire on a 787 Dreamliner parked in London.

Earnings news was mixed. Profits at big banks Wells Fargo and JP Morgan came in better than expected, and that helped financial stocks. But UPS cut its profit outlook and said it’s seeing a slowdown in U.S. industry.

Also, a University of Michigan measure of consumer sentiment came in lower than expected for this month.

Investors will get a lot more information next week, when key reports on inflation and retail sales are due. That’s also when the pace of company earnings reports picks up sharply. Reports are due from the remaining big banks as well as General Electric, Intel, Microsoft and other industry bellwethers.

“This is the jump ball, this is the Lebron James of the market,” said David Darst, chief investment strategist for Morgan Stanley Individual Investor Group, referring to the second-quarter earnings rush. “It’s going to determine where the market goes.”

In late afternoon trading, the Dow was down 38 points, or 0.3 percent, at 15,422. The Standard & Poor’s 500 index was up a point at 1,676. Both indexes closed at all-time highs on Thursday.

The Nasdaq composite edged up 11 points to 3,590. The Russell 2000, which is made up of smaller companies, rose three points, or 0.4 percent, to 1,037.

All the big indexes are ahead for the week. The S&P 500 had risen for six days in a row before Friday, its longest winning streak since March.


Reader Comments ...


Next Up in Business

Spring cleaning your computer

As you’re doing spring cleaning around the home, don’t forget about your computer! It needs taken care of, too. Here are a few things you should consider doing to keep your computer in tip-top shape: Run a malware scanner to remove junk: Along with having an anti-virus installed, consider a secondary anti-malware program. They can catch...
Potholes costly for state, motorists
Potholes costly for state, motorists

Earlier this month, Anna Gros of Fairborn was driving home when she turned onto Interstate 675 and hit a large piece of concrete sticking out of a pothole. The large piece of debris blew out a back tire on the car, causing her to lose control and swerve into another lane on the highway. “I was able to control my car. I was blessed,” she...
Local bike trails attracting worldwide attention
Local bike trails attracting worldwide attention

The 2017 International Trails Symposium is coming to Dayton May 7 to 10, investing what organizers expect will be $1 million into the region and showcasing what a Five Rivers MetroParks director calls “the outdoor adventure capital of the Midwest.” The American Trails bi-annual symposium was attracted to Dayton by what Janet Bly, Miami...
Fuyao to raise workers’ pay

Fuyao Glass America’s manufacturing plant is giving all hourly associates a $2-an-hour raise, the company said Thursday. The success at the company’s Moraine plant is becoming more apparent as just two weeks ago Fuyao’s president said he expects the manufacturer to break even this year. On Thursday, the company’s billionaire...
RETAIL ROUND-UP: 3 stories about Cabela’s, RadioShack, Starbucks
RETAIL ROUND-UP: 3 stories about Cabela’s, RadioShack, Starbucks

If you missed out on some of your retail and business news this week, here’s what you need to catch up on before the weekend. Early on in the week, another teen clothing retailer announced it was closing 400 stores nationwide — including some locations in Ohio. Clothing store rue21 announced it is planning on closing hundreds of stores...
More Stories