Las Vegas Sun

March 28, 2024

U.S. stocks waver, still on track for best week this year

Updated Friday, Oct. 9, 2015 | 10:54 a.m.

NEW YORK — Stocks are little changed in midday trading Friday, but the market is still on track to close out its best week this year. Airlines and industrial stocks rose. Markets continue to be driven by confidence that the Federal Reserve will keep interest rates low for several more months.

KEEPING SCORE: The Dow Jones industrial average was flat at 17,051 as of 1:25 p.m. Eastern. The Standard & Poor's 500 index slipped two points to 2,010 and the Nasdaq composite rose eight points, or 0.2 percent, to 4,819. The S&P 500 is up 3 percent this week, its biggest gain since February. It has risen eight days out of the past nine.

UP AND AWAY: Airline stocks were among the biggest gainers in the S&P 500 after the companies said they flew nearly full flights last month, an important revenue driver for the industry. United Continental flew flights on average 82.9 percent full, while American Airlines reported its flights were 82.7 percent full.

United Continental rose 6 percent, American rose 5.5 percent, JetBlue Airways and Southwest Airlines were up 4 percent each.

DIGGING AWAY: European commodities giant Glencore jumped 7 percent in London after the company announced it would slash zinc production by a third.

RECYCLING BIN: One industrial company not doing well was Alcoa, the aluminum company, which fell 53 cents, or 5 percent, to $10.49. The company reported a steep drop in profits for its third quarter, citing lower aluminum prices and a strong U.S. dollar.

GREAT WEEK: Global markets also had a strong week, with Germany's DAX up 5.7 percent, France's CAC-40 up 5.4 percent and the U.K.'s FTSE up 4.7 percent this week. In Asia, markets in Japan, China and Hong Kong are up roughly 4 percent each.

CLEARANCE: Shares of Gap Inc. fell $1.68, or 6 percent, to $27.27 after the clothing retailer's results missed analysts' expectations. Sales were particularly disappointing at Banana Republic, the company's higher-end chain.

ENERGY: The price of oil and energy stocks rose as Russia's military actions in Syria raised the risk of a wider conflict in the region. Benchmark U.S. oil gained 34 cents to $49.75 on the New York Mercantile Exchange.

BONDS, CURRENCIES: U.S. government bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.10 percent. The euro rose to $1.1370 while the dollar rose to 120.32 yen.

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