x
Breaking News
0

US STOCKS-Apple halts Wall St rally, but S&P ekes out record high

Stock MarketsSep 13, 2017 21:30
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
US STOCKS-Apple halts Wall St rally, but S&P ekes out record high

* Consumer discretionary, energy stocks gain

* S&P hits fresh record high

* Apple dips as iPhone X shipping date later than expected

* Nordstrom gains as founding family picks buyout partner

* Dow flat, S&P off 0.03 pct, Nasdaq down 0.06 pct (Adds details, comment, updates prices)

By Sruthi Shankar

Sept 13 (Reuters) - U.S. stocks were little changed in late morning trading on Wednesday as Apple-led losses in technology stocks were offset by gains in consumer discretionary and energy stocks, which helped the S&P 500 inch up to a record intra-day high.

Apple AAPL.O dropped 1.3 percent on concerns about the newly launched iPhone X's hefty price tag and its later-than-expected availability date of Nov. 3. The stock was the top drag on all the three major indexes. helping the market was potential progress on tax reform as President Donald Trump prepared to host Democratic and Republican House lawmakers at the White House, seeking to build support on the agenda. Street is coming off a two-day rally that resulted in the three major indexes finishing at all-time highs on Tuesday and the S&P touching a record intra-day high.

The indexes have stayed near record levels this year despite periodic setbacks caused by turmoil in the White House, the timing of U.S. interest rate hikes, doubts about Trump's ability to push through his pro-business reforms, and lately, tensions over North Korea.

"The market's slowed the treadmill to a slight pace from the run it was on, nothing really negative," said Matt Lloyd, chief investment strategist at Advisors Asset Management in Monument, Colorado.

"The likely driver today is going to be a little bit of a late-day rally. But not very large."

At 11:02 a.m. ET, the Dow Jones Industrial Average .DJI was up 0.22 points, flat on a percent basis, at 22,119.08 and the S&P 500 .SPX was down 0.71 points, or 0.03 percent, at 2,495.77.

The Nasdaq Composite .IXIC was down 3.82 points, or 0.06 percent, at 6,450.46.

Six of the 11 major S&P sectors were higher, with a rise in oil prices helping the energy index .SPNY gain 0.6 percent. O/R

Centene CNC.N rose about 6 percent after the health insurer said it would buy privately held Fidelis Care for $3.75 billion. Digital WDC.O was the biggest S&P loser, down 5.3 percent after Toshiba 6502.T said it would focus on selling its chips unit to a group led by Bain Capital and SK Hynix 000660.KS . EFX.N dropped 5 percent as investors brushed off the company's chief executive apology for a breach that may have compromised personal information of 143 million U.S. consumers and a reassurance to "make changes" to avoid further hacks.

Nordstrom JWN.N gained 6.3 percent after Reuters reported the Nordstrom family had selected private equity firm Leonard Green & Partners to help take the high-end retailer private. issues outnumbered decliners on the NYSE by 1,420 to 1,269. On the Nasdaq, 1,474 issues rose and 1,214 fell.

US STOCKS-Apple halts Wall St rally, but S&P ekes out record high
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
Write your thoughts here
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email