US Stocks Fall as Speculation of Fed Rate Increase Tempers Gains

The US stock market experienced a mixed trading day, with financial and energy companies leading the decline. The Dow Jones Industrial Average, however, managed to reach an almost 18-month high, driven by reports of growth in Philadelphia manufacturing, a drop in jobless claims, and no change in consumer prices. The S&P 500 slipped less than 0.1 percent, while the Dow increased 45.5 points, or 0.4 percent, to its highest level since October 1, 2008.

Key Takeaways:

• The Dow Jones Industrial Average reached an almost 18-month high, driven by reports of growth in Philadelphia manufacturing, a drop in jobless claims, and no change in consumer prices.
• The S&P 500 slipped less than 0.1 percent, while the Dow increased 45.5 points, or 0.4 percent, to its highest level since October 1, 2008.
• Financial and energy companies, including Bank of America Corp. and Schlumberger Ltd., led the decline in stocks.
• Boeing Co., DuPont Co., and 3M Co. led gains in the market.
• FedEx Corp. surged as its profit more than doubled, while Nike Inc. rallied on higher-than-estimated earnings.
• The New York Stock Exchange and Nasdaq Stock Market experienced a mixed trading day, with about three stocks retracting for every two that rose.
• The Dollar Index jumped 0.8 percent to 80.257, its biggest gain in a month.

Statistics:

• The Dow Jones Industrial Average increased 45.5 points, or 0.4 percent, to 10,779.17, its highest level since October 1, 2008.
• The S&P 500 slipped less than 0.1 percent to 1,165.83.
• The Dollar Index jumped 0.8 percent to 80.257, its biggest gain in a month.
• About three stocks retreated for every two that rose on the New York Stock Exchange and Nasdaq Stock Market.

Sources:

• "By the way, daily" by Euclid Infotech Pvt. Ltd. (no date provided)
• Spokesman David Skidmore (no date provided)
• Peter Boockvar, equity strategist at Miller Tabak & Co. in New York (no date provided)
• U.S. Global Investors Inc. (no date provided)