The Dow Is Flat Because 7 Straight Days of Gains Are a Lot
The three major U.S. stock indexes were near the break-even line.
The three major U.S. stock indexes were near the break-even line despite more positive news.
Flattish. The three major U.S. stock market indexes were near their break-even point, wavering following seven straight sessions of gains despite more upbeat news.
Beijing said it would exempt some U.S. farm products from tariff increases—another sign of diminished tensions in the trade war. U.S. retail sales for August increased more than expected, although a closer look at the numbers indicated they weren’t as strong as they appeared. Even that could offer upside for stocks: Weaker results have the potential to prompt the Federal Reserve to take a more dovish stand on monetary policy.
The bank’s next decision on interest rates is due to be announced on Wednesday.
Shortly after noon, the Dow Jones Industrial Average had gained 60 points, or 0.2%. The S&P 500 was up 0.1%, while the Nasdaq Composite was effectively flat.
Freeport-McMoRan (ticker: FCX) was up 5.3%. The stock got a boost from rising copper prices and a Jefferies note that predicted a recovery in the mining sector.
Progressive (PGR) fell 7.2% after the insurance company said net income dropped in August compared to the same month last year.
CenturyLink (CTL) dropped 4.5% as the telecommunications stock deflated a touch after days of soaring higher.
Broadcom (AVGO) was down 3.5% after the chief executive said on its post-earnings conference call that it was still too early to talk about a turnaround in weak chip demand.
Altria Group (MO) fell 2.6% as investors weighed the impact of a Food and Drug Administration policy, expected to be made final in the coming weeks, taking flavored nicotine vape products off stores’ shelves.
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