US Stocks Waver as Retailers Rise and Tech Companies Slip
Freedman said Yellen has made a priority of informing Wall Street about the Fed’s plans and taking investor reactions into account. A different Fed chair might not do that, which could lead to a bumpier ride for stocks.
The Standard & Poor’s 500 index added 1.89 points, or 0.1 percent, to 2,498.37. The Dow Jones industrial average picked up 39.32 points, or 0.2 percent, to 22,158.18. The Nasdaq composite rose 5.91 points, or 0.1 percent, to 6,460.19. The Russell 2000 index of smaller-company stocks gained 3.43 points, or 0.2 percent, to 1,426.89.
Target said it plans to hire 100,000 workers for the holidays, some 30,000 more than it hired a year ago. Its stock climbed $1.62, or 2.8 percent, to $59.51. Best Buy rose $1.81, or 3.2 percent, to $58.60 and Gap gained 61 cents, or 2.2 percent, to $28.22. Video game seller GameStop added 49 cents, or 2.5 percent, to $20.02 and Amazon.com rose $17.02, or 1.7 percent, to $999.60.
Department store chain Nordstrom climbed after CNBC reported that the Nordstrom family is close to a deal to take the company private. The stock has risen over the last three months following talk that company executives and other descendants of co-founder John Nordstrom might buy the 70 percent of the company they don’t already own. The stock gained $2.69 cents, or 6 percent, to $47.74.
Hard drive maker Western Digital slumped $3.04, or 3.4 percent, to $85.74 after its partner Toshiba said it will sell its computer memory business to a consortium led by Bain Capital Private Equity. Western Digital wants to buy that business and has filed a lawsuit to stop Toshiba from selling it to anyone else. Toshiba is trying to offset losses by its Westinghouse Electric nuclear business, which filed for bankruptcy protection in March.
Energy companies rose as benchmark U.S. crude rose $1.07, or 2.2 percent, to $49.30 a barrel in New York. Brent crude, used to price international oils, added 89 cents, or 1.6 percent, to $55.16 a barrel in London.
Credit bureau Equifax hit an 18-month low in heavy trading. The company disclosed Thursday that personal data of about 143 million Americans was compromised in a cyberattack. Equifax has been sharply criticized by Congress, state governments and consumers. The stock dropped another $16.97, or 14.6 percent, to $98.99. It traded above $142 last week before news of the attack broke.
Medicaid program administrator Centene said it will expand into New York through a $3.75 billion acquisition of Fidelis Care. Its stock jumped $7.28, or 8 percent, to $98.16. Centene has expanded into several states in the past year through the Affordable Care Act’s exchanges.
Apple slipped again. Investors appeared worried about the $999 price tag of the tenth-anniversary iPhone X as well as its later launch date in early November. That could affect Apple’s revenue in the next few quarters. Investors seemed to like some of Apple’s plans Tuesday, including new features that are being added to the Apple Watch. The stock lost $1.21 to $159.65.
Bond prices edged higher. The yield on the 10-year Treasury note rose to 2.19 percent from 2.17 percent.
In other energy trading, heating oil rose 3 cents to $1.77 a gallon and wholesale gasoline lost 1 cent to $1.65 a gallon. Natural gas climbed 6 cents to $3.06 per 1,000 cubic feet.
Gold lost $4.70 to $1,328 an ounce. Silver declined 2 cents to $17.87 an ounce. Copper fell 6 cents to $2.98 a pound.
The dollar rose to 110.66 yen from 110.11 yen. The euro fell to $1.1873 from $1.1970.
The German DAX and CAC 40 in France both rose 0.2 percent. London’s FTSE 100 index declined 0.1 percent. In Tokyo, the Nikkei 225 rose 0.4 percent. Hong Kong’s Hang Seng declined 0.3 percent and the Kospi in South Korea shed 0.2 percent.
AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jays
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