Stocks Slip Even As S&P 500 Index Marks Its Longest Bull Run

FILE- In this July 6, 2015, file photo, an American flag is draped on the exterior of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Wednesday, Aug. 22, 2018. (AP Photo/Mark Lennihan, File)

U.S. stocks are edging lower in early trading, giving back some of their gains from a day earlier, even as the S&P 500 index is poised to mark its longest bull run in history.

Losses in industrial companies, banks and the technology sector outweighed gains elsewhere in the market. Big retailers surged after reporting solid quarterly results. Energy stocks climbed along with the price of U.S. crude oil.

KEEPING SCORE: The S&P 500 index fell 4 points, or 0.2 percent, to 2,858 as of 10:07 a.m. Eastern Time. The Dow Jones Industrial Average slid 27 points, or 0.1 percent, to 25,794. The Nasdaq composite lost 6 points, or 0.1 percent, to 7,852. The Russell 2000 index of smaller-company stocks picked up 1 point, or 0.1 percent, to 1,719.

BULL MARKET: On Tuesday, the S&P 500 index briefly traded at an all-time high just as the U.S. stock market’s bull run came closer to becoming the longest on record. The current bull market, which began in 2009, is on track to become the longest in history on Wednesday, surpassing the bull run of the 1990s.

WHAT A DRAG: Industrial stocks took some of the heaviest losses. Johnson Controls International slid 2.1 percent to $39.16.

TECH SLIDE: Technology sector stocks also declined. Analog Devices lost 3.3 percent to $92.72.

BULLSEYE: Target climbed 5.6 percent to $87.99 after the retailer reported earnings that came in ahead of analysts’ forecasts.

WELL-BUILT: Lowe’s jumped 7.4 percent to $107 after the home-improvement chain’s latest quarterly results topped Wall Street’s estimates.

ENERGY: U.S. benchmark crude climbed 2.1 percent to $67.23 per barrel in New York. Brent crude, the standard for international oil prices, gained 2.2 percent to $74.22 per barrel in London.

The pickup in oil prices helped boost energy sector stocks. Marathon Oil gained 1.7 percent to $20.56.

BOND YIELDS: Bond prices rose. The yield on the 10-year Treasury fell to 2.82 percent from 2.84 percent late Tuesday.

CURRENCIES: The dollar rose to 110.42 yen from 110.40 yen late Tuesday. The euro strengthened to $1.1601 from $1.1574.

MARKETS OVERSEAS: In Europe, Germany’s DAX fell 0.2 percent, while France’s CAC 40 edged up 0.2 percent. The FTSE 100 index of leading British shares added 0.1 percent. In Asia, Japan’s benchmark Nikkei 225 closed 0.6 percent higher. Australia’s S&P/ASX 200 lost 0.3 percent. South Korea’s Kospi rose 0.1 percent. Hong Kong’s Hang Seng added 0.6 percent.

By ALEX VEIGA - AUG 22. 2018 - 10:23 AM EDT


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