Investors taking profits after the week's big advance sent many stocks falling yesterday, but the lack of a wholesale sell-off left many...
NEW YORK — Investors taking profits after the week’s big advance sent many stocks falling yesterday, but the lack of a wholesale sell-off left many on Wall Street pleased with the market’s resiliency.
The Dow Jones industrial average fell 21.28 yesterday to 10,471.91.
Microsoft, one of the 30 Dow stocks, slipped 18 cents to close at $25.74 a share. Boeing, also a Dow stock, gained 55 cents to $61.90, its third 52-week high for the week. For the week, Microsoft was up 2.1 percent and Boeing climbed 4 percent.
Broader stock indicators were narrowly mixed yesterday. The Standard & Poor’s 500 index was down 1.80 at 1,189.28, while the Nasdaq composite index gained 3.84 to 2,046.42.
Most Read Stories
- Live updates from Inauguration Day: 1 injured in shooting at demonstration at UW WATCH
- What you need to know about Inauguration Day protests, events in Seattle
- 50,000 expected to attend Seattle women’s march day after Trump inauguration WATCH
- Police seek description of shooter who wounded 3 at Seattle’s Crocodile club
- The Fremont Troll was outfitted with a pussyhat ahead of Saturday's Womxn's March
Falling oil prices and benign reports on inflation helped boost the stock market to its best weekly showing of the year, spurred by 100-point gains for the Dow on Monday and Wednesday. For the week, the Dow gained 3.3 percent, the S&P climbed 3.1 percent and the Nasdaq jumped 3.5 percent.
“It’s definitely been a good run, and it’s good that you see the market today sitting back, digesting a bit relaxing,” said Jay Suskind, head trader at Ryan Beck. “We haven’t had a huge bout of profit-taking here, so maybe we’re building a base and maybe we can start trading in a higher range than we did in April.”
With few earnings reports and no new economic data to encourage buying, there was little impetus for investors to continue the week’s rally. The major indexes have all risen more than 3 percent since last Friday’s close, buoyed by positive economic data and falling oil prices.
A pair of merger and acquisition deals helped limit the losses, but most investors kept to the sidelines in anticipation of next Tuesday’s release of minutes from the Federal Reserve’s May 3 meeting. Wall Street is hoping for more clues on the state of inflation and economic growth.
“I think we’re just seeing a little bit profit-taking after a nice run-up in the market,” said Joseph Keating, chief investment officer at AmSouth Asset Management. “I don’t think it’s anything more than that, at least for now.”
Crude-oil futures vacillated most of the session and finished modestly lower. A barrel of light crude for June delivery was quoted at $46.80, down 12 cents, on the New York Mercantile Exchange.
America West Airlines rose 36 cents to $5.17 after it agreed to merge with bankrupt carrier US Airways. The combined airline will be the No. 6 carrier in the United States and will fly under the US Airways name. The move allows US Airways to emerge from bankruptcy, and the company has already attracted $1.5 billion in capital. Shares of US Airways, trading on the over-the-counter bulletin board, were down 23.4 percent, or 29 cents, at 95 cents per share after climbing sharply higher Thursday.
Maytag late Thursday announced it would be purchased by private investors for $1.13 billion in cash, or $14 per share. The investors also will assume $975 million of company debt under the deal. Maytag surged 24.6 percent, or $2.84, to $14.40.
General Motors climbed 23 cents to $32.98 after The New York Times reported the automaker planned to cut back on production and streamline its product offerings. Only Cadillac and Chevrolet will offer full lines of cars and trucks.