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Last-Minute Rebound Lifts S&P 500, Dow 10/19 16:24

   A last-minute rebound nudged U.S. stocks indexes mostly higher Thursday, 
barely extending the market's winning streak and milestone-setting run.

   (AP) -- A last-minute rebound nudged U.S. stocks indexes mostly higher 
Thursday, barely extending the market's winning streak and milestone-setting 
run. The Standard & Poor's 500 index and Dow Jones industrial average closed 
higher for the fifth straight day, each posting new highs. The other indexes 
finished slightly lower as investors continued to pore through the latest batch 
of company earnings.A last-minute surge nudged U.S. stock indexes mostly higher 
Thursday, barely extending the market's winning streak and milestone-setting 
run.

   The Standard & Poor's 500 index and Dow Jones industrial average closed 
higher for the fifth straight day, each posting new highs. The other indexes 
finished slightly lower as investors continued to pore through the latest batch 
of company earnings.

   Technology companies weighed on the market all day, but gains in health care 
stocks helped offset some of those losses.

   "You have a lot of risk assets, especially equities, having done pretty 
well," said Sameer Samana, global quantitative strategist for Wells Fargo 
Investment Institute. "Some people are viewing now as a pretty good time to 
make sure they lock in some of that performance."

   The S&P 500 index rose 0.84 points, or 0.03 percent, to 2,562.10. The Dow 
added 5.44 points, or 0.02 percent, to 23,163.04. The Nasdaq composite slid 
19.15 points, or 0.3 percent, to 6,605.07. The Russell 2000 index of 
smaller-company stocks gave up 3.10 points, or 0.2 percent, to 1,502.04.

   Slightly more stocks rose than declined on the New York Stock Exchange. 

   Investors bid up shares in drug manufacturers and other health care 
companies. 

   Envision Healthcare led the sector, vaulting $4.43, or 10.9 percent, to 
$45.08. Gilead Sciences rose $1.58, or 2 percent, to $81.59. A subsidiary of 
the drugmaker received approval this week to sell a new treatment for a form of 
blood cancer.

   Medical equipment maker Danaher jumped 4.7 percent after it reported 
earnings that beat financial analysts' estimates and raised its outlook. The 
stock added $4.05 to $90.10.

   Verizon Communications' latest quarterly results also impressed traders. The 
company said its wireless unit gained more mobile phone users than expected in 
its latest quarter. Its stock rose 56 cents, or 1.2 percent, to $49.21.

   Adobe Systems surged 12.2 percent after the software maker issued a strong 
profit forecast for 2018. The stock was the biggest riser in S&P 500, climbing 
$18.73 to $171.73.

   Other technology stocks didn't fare as well. 

   Apple had its worst day in two months amid investor concern that its 
recently launched iPhone 8 models are lagging in market share compared to prior 
iPhone models. The stock finished down $3.78, or 2.4 percent, at $155.98. 
Despite the slide, Apple is still up 34.7 percent this year.

   The slide in Apple and other technology companies weighed on the market for 
much of the day. The sector, which is leading all other sectors in the S&P 500 
with a gain of 30 percent this year, recovered some of its losses by late 
afternoon.

   "The sector has had such a great run, but you're starting to see some 
concerns about how big they've gotten, some chatter in Washington about should 
there be some regulations," said Samana. "People are just content to take some 
money off the table."

   While many more companies will be reporting third-quarter results in coming 
weeks, so far earnings have been largely positive. Some 75 S&P 500 companies 
have reported quarterly results so far, posting sales growth of about 6 percent 
and earnings gains of about 9 percent, Samana said.

   Even so, quarterly report cards and outlooks from several companies failed 
to impress investors Thursday.

   United Continental sank 12.1 percent after the parent of United Airlines 
said that weak prices will continue the rest of this year. The stock was the 
biggest decliner in the S&P 500, tumbling $8.21 to $59.78.

   Auto parts retailer Genuine Parts slumped 8.5 percent after the company said 
costs rose and its quarterly profit fell short of Wall Street's estimates. The 
stock lost $8.33 to $89.71.

   Bond prices rose. The yield on the 10-year Treasury note fell to 2.31 
percent from 2.35 percent late Wednesday.

   Benchmark U.S. crude lost 75 cents, or 1.4 percent, to settle at $51.29 per 
barrel on the New York Mercantile Exchange. Brent crude, used to price 
international oils, fell 92 cents, or 1.6 percent, to $57.23 per barrel in 
London.

   The slide in oil weighed on energy stocks. Schlumberger declined $1.41, or 
2.1 percent, to $64.50.

   In other energy trading, wholesale gasoline was little changed at $1.64 a 
gallon. Heating oil slipped 3 cents to $1.78 a gallon. Natural gas gained 2 
cents to $2.87 per 1,000 cubic feet.

   Gold rose $7 to $1,290 an ounce. Silver added 26 cents to $17.26 an ounce. 
Copper lost 1 cent to $3.17 a pound.

   The dollar fell to 112.65 yen from 112.90 yen on Wednesday. The euro rose to 
$1.1830 from $1.1802.

   Global stocks mostly declined Thursday following relatively weak Chinese 
economic growth data and rising tensions over Catalonia's bid for independence 
from Spain.

   In Europe, Germany's DAX declined 0.4 percent, while France's CAC 40 fell 
0.3 percent. Britain's FTSE 100 slid 0.3 percent. Asian markets finished mostly 
weaker. Japan's Nikkei 225 gained 0.4 percent, while South Korea's Kospi 
slipped 0.4 percent. Hong Kong's Hang Seng index slumped 1.9 percent.


(BE)

 
 
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