TOKYO (AP) – Global stocks wavered Friday as investors looked to see if the three major US indexes can add to their record close as well as upcoming retail sales figures.
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The S&P 500 index showed seven new 52-week highs and no new lows, while the Nasdaq recorded 23 new highs and five new lows. The Nasdaq also closed at a record high last Friday, Tuesday and Thursday.
Macy’s shares soared as much as 18 percent, marking the best day for the department store operator in almost eight years, after it reported a smaller-than-expected drop in quarterly comparable-store sales and said it would close 100 stores. Energy stocks led the rally, boosted by a surge in oil prices. An industry report released on Thursday projected a more even balance in the supply and demand for oil this year.
At 1631 GMT (10:01 p.m.in India), the Dow Jones Industrial Average was up 132.21 points, or 0.71 per cent, at 18,627.87.
In slow trade, about 5.98 billion shares changed hands on USA exchanges, compared with the 6.43 billion daily average over the last 20 sessions. The Nasdaq composite index rose 1 point to 5,229. It edged up 0.1% from its previous high.
While the retail sales data may have dimmed some traders’ views on the economy, most of the selling was likely a reflection of some investors locking in profits while the market remains near its all-time high, said JJ Kinahan, TD Ameritrade’s chief strategist. Some 90 percent of the companies in the S&P 500 have already reported second-quarter results, and roughly 65 percent posted earnings that beat Wall Street’s expectations, according to S&P Global Market Intelligence.
The major stock indexes got off to a strong start early Thursday, bouncing back from slight losses a day earlier.
West Texas Intermediate crude oil futures settled down 2.5% at US41.71 a barrel.
OIL: Benchmark U.S. crude fell 7 cents to $41.66 after closing at $41.71 a barrel in New York Wednesday. Steel products manufacturer Nucor fell $1.66, or 3.2 percent, to $50.69, while Alcoa slipped 25 cents, or 2.4 percent, to $10.17. Brent crude, used to price global oils, slid 93 cents, or 2.1%, to close at 44.05 dollars per barrel in London. The euro rose to $1.1157 from $1.1137.
Investors who scored big gains by swooping in at the bottom of the last two US equity selloffs now are backing away from the market. Shares in Kohl’s jumped $5.37, or 14.1 percent, to $43.41.
Investors bid up shares in several companies that reported strong earnings.
J.C. Penney reported another loss in the second quarter amid underwhelming sales growth.
The retailers’ earnings fueled optimism for the government’s latest monthly tally of retail sales Friday.
Hamburger chain Shake Shack slumped 6.2% after it said sales at older locations slowed down in the latest quarter. The stock fell 1.40 dollars (£1) to 48.71 dollars (£37.47).
The major stock indexes in Europe mostly closed lower.
The Dow is up 69.99 points, or 0.4 percent.
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The report said import prices inched up by 0.1 percent in July after climbing by an upwardly revised 0.6 percent in June. Import prices had been expected to drop by 0.4 percent compared to the 0.2 percent increase that had been reported for the previous month.
