Energy Companies And Banks Lead Stocks Higher On Wall Street
NEW YORK (AP) — Stocks are moving moderately higher on Wall Street Thursday as energy companies and banks post solid gains. Goldman Sachs and Chevron sent the Dow Jones industrial average higher. Wells Fargo was also up, and Finish Line jumped after reporting a narrower loss than investors were expecting. Utilities fell.
KEEPING SCORE: The Standard & Poor's 500 index rose 10 points, or 0.4 percent, to 2,689 as of 11:55 a.m. ET. The Dow gained 108 points, or 0.4 percent, to 24,834. The Nasdaq composite rose 23 points, or 0.3 percent, to 6,984. The Russell 2000 index of smaller-company stocks rose 8 points, or 0.6 percent, to 1,548.
U.S. market indexes have risen over the past few weeks as Washington moved closer to passing its tax overhaul, but they haven't done much over the last several days as Congress voted on the bill.
SOLID QUARTER: Consulting firm Accenture jumped $5.07, or 3.4 percent, to $156.86 after reporting earnings that beat analysts' estimates.
FIRE FALLOUT: California utility PG&E plunged $7.60, or 15 percent, to $43.55 after suspending its dividend to conserve cash amid concerns that it may be found liable for wildfires in northern California.
ON THE MEND: Finish Line jumped $1.44, or 12 percent, to $13.13. The athletic shoe and apparel retailer reported a quarterly loss that was more modest than analysts were expecting, and its revenue came in ahead of forecasts.
OVERSEAS: Germany's DAX rose 0.3 percent while France's CAC 40 rose 0.6 percent. The FTSE 100 index of leading British shares rose 1 percent. In Asia, Japan's benchmark Nikkei 225 fell 0.1 percent, and the Hang Seng in Hong Kong gained 0.5 percent.
CURRENCIES: The euro fell to $1.1868 from $1.1879 and the dollar dipped to 113.40 yen from 113.42 yen.
ENERGY: Benchmark U.S. crude fell 33 cents to $57.76 a barrel while Brent crude, which is used to price international oils, fell 24 cents to $64.31 a barrel in London.
BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.49 percent.