US stocks gain ground as banks and industrial companies rise

The S&P 500 has slipped for four days in a row (Shutterstock)

NEW YORK — U.S. stocks are edging higher Friday after several days of losses. Energy companies are rising with the price of oil while technology companies are slipping. While retailers are mostly higher, jewelry chain Tiffany is falling after a weak sales report and disappointing forecast. The S&P 500 has slipped for four days in a row and is still down 1 per cent this week.

KEEPING SCORE: The S&P 500 index gained 4 points, or 0.2 per cent, to 2,752 as of 1:45 p.m. Eastern time. The Dow Jones industrial average added 90 points, or 0.4 per cent, to 24,964. The Nasdaq composite lost 2 points to 7,478. The Russell 2000 index of smaller-company stocks jumped 7 points, or 0.5 per cent, to 1,584.

After a dramatic drop at the beginning of February followed by a rapid recovery of some of their losses, stocks haven’t done that much over the last month. Positive news about the economy has been countered by concerns about rising tensions over international trade. The Dow, which surged past 26,000 in mid-January, has been wobbling around 25,000 for about a month and a half.

LOOKING GOOD: Ulta Beauty climbed $14.64, or 7.1 per cent, to $220.78 after the beauty products retailer’s fourth quarter report. Software maker Adobe reported results that beat analysts’ forecasts and rose $6.78, or 3.1 per cent, to $225.66.

Schlumberger picked up $1.22, or 1.9 per cent, to $66.57 and Anadarko Petroleum advanced $1.17, or 2 per cent, to $59.08.

OIL: Benchmark U.S. crude rose $1.02, or 1.6 per cent, to $62.21 a barrel in New York. Brent crude, used to price international oils, climbed 94 cents, or 1.4 per cent, to $66.06 a barrel in London.

GEM STONED: Tiffany dropped $5.06, or 4.9 per cent, to $97.65 after it reported weaker sales than analysts expected. Its forecast for the current year was also below what investors were looking for.

OVERSTOCK SINKS: Online discount retailer Overstock.com said profit margins have fallen hard because of competition with Wayfair, and CEO Patrick Byrne said the company will “respond in kind,” meaning Overstock will try to ramp up its growth and will be willing to lose money to achieve that goal. The stock dropped $3.68, or 7.6 per cent, to $44.53 while Wayfair lost $5.24, or 6.2 per cent, to $78.72.

FED AHEAD: The top policymakers at the Federal Reserve will meet Tuesday and Wednesday, and they are expected to raise interest rates again. Since the market is fairly sure of what the Fed will do, there will be a lot of focus on what it says. After the meeting ends, Fed Chairman Jerome Powell will hold his first news conference since he replaced Janet Yellen last month.

SEPARATE WAYS: While Broadcom is no longer trying to buy rival chipmaker Qualcomm, both companies are still at the centre of deal discussions. The Financial Times reported that former Qualcomm chairman Paul Jacobs wants to take the company private and has had talks with potential investors and the Qualcomm board. Qualcomm added 89 cents, or 1.5 per cent, to $60.78, which gives it a market value of about $94 billion.

Broadcom withdrew $117 billion offer for Qualcomm on Wednesday after President Donald Trump blocked the deal, but the company says it still sees opportunities for other deals. The company also disclosed its quarterly results, and its shares fell $10.45, or 3.9 per cent, to $257.31.

INDICATORS: The Federal Reserve said factory output continued to rise as companies in the U.S. produced more cars, computers and furniture. It reported that manufacturing output rose 1.2 per cent in February after three months of weak results. Factory output has increased 2.5 per cent over the last year.

The Commerce Department said homebuilders started work on fewer apartment buildings in February, and that caused overall housing starts to drop 7 per cent. Builders have shifted their efforts to single-family homes recently as the economy has improved.

BONDS: Bond prices fell. The yield on the 10-year Treasury note rose to 2.85 per cent from 2.83 per cent.

METALS: Gold dipped $5.50 to $1,312.30 an ounce. Silver lost 15 cents to $16.27 an ounce. Copper fell 2 cents to $3.11 a pound.

CURRENCIES: The dollar declined to 106.20 yen from 106.24 yen. The euro fell to $1.2267 from $1.2303.

OVERSEAS: The German DAX gained 0.4 per cent while Britain’s FTSE rose 0.3 per cent. The CAC 40 in France added 0.3 per cent. Japan’s Nikkei 225 fell 0.6 per cent while South Korea’s Kospi edged 0.1 per cent higher and Hong Kong’s Hang Seng index dipped 0.1 per cent.