Arab Today, arab today sp 500 streak ends in choppy session dow at record
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Arab Today, arab today

S&P 500 streak ends in choppy session, Dow at record

Arab Today, arab today

Arab Today, arab today S&P 500 streak ends in choppy session, Dow at record

Wall Street stocks
New York - AFP

Wall Street stocks finished mixed Tuesday in a choppy session following disappointing Walmart earnings and a pullback in many petroleum stocks.

The Dow Jones Industrial Average edged up 13.51 points (0.07 percent) at 18,312.39, striking an all-time high for the second day in a row.

But the broad-based S&P 500 slipped 1.37 (0.06 percent) to 2,127.83, ending a three-day streak of record closing peaks, while the tech-rich Nasdaq Composite Index dropped 8.41 (0.17 percent) to 5,070.03.

US housing starts leaped 20.2 percent in April to an annual rate of 1,135,000 units, the best level of new home construction since November 2007.

Dow member Wal-Mart Stores fell 4.4 percent after reporting a seven percent decline to $3.3 billion in earnings for its fiscal first quarter ending April 30. The results translated into $1.03 per share, a penny shy of analyst expectations.

Many petroleum-linked stocks tumbled following a big retreat in oil prices, including Anadarko Petroleum (-1.7 percent), Halliburton (-3.5 percent) and Transocean (-5.9 percent).

Dow member JPMorgan Chase rose 0.9 percent after 61 percent of shareholders endorsed the company's controversial $20 million compensation package for chief executive Jamie Dimon. Shareholder advisory groups ISS and Glass Lewis opposed the plan as poorly linked to bank performance.

Other banks also rose, including Bank of America (+1.6 percent), Citigroup (+1.2 percent) and Morgan Stanley (+0.9 percent).

Dow member Home Depot fell 1.7 percent despite reporting a 14.5 percent jump in first-quarter net income to $1.6 billion. The home improvement retailer lifted its profit forecast after comparable sales surged 6.1 percent in the quarter.

Starbucks advanced 0.5 percent after unveiling a music-streaming partnership with Swedish company Spotify. The collaboration would incorporate Spotify into aspects of Starbucks's loyalty program.

UPS rose 0.2 percent after agreeing to a $25 million settlement with the Justice Department to resolve US charges it broke promises of overnight delivery in government contracts and deliberately hid delays. UPS said it agreed to the settlement to avoid "costly litigation" and that it disagreed with the government's case.

Urban Outfitters, a youth apparel retailer, dived 15.0 percent as net income fell 12.5 percent to $32.8 million for its fiscal first quarter ending April 30.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.28 percent from 2.23 percent Monday, while the 30-year advanced to 3.07 percent to 3.03 percent. Bond prices and yields move inversely.

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