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US stocks mixed as retailers rise and industrial firms skid


Published: Mon, October 23, 2017 @ 10:56 a.m.

NEW YORK (AP) — U.S. stocks are mixed Monday morning as clothing and household goods companies climb while industrial companies stumble. Major indexes are at all-time highs after a six-week winning streak and the Standard & Poor’s 500 index has risen for the last seven days. Toy company Hasbro and competitor Mattel are tumbling after Hasbro’s sales forecast disappointed Wall Street.

KEEPING SCORE: The Standard & Poor’s 500 index was unchanged at 2,575 as of 10:23 a.m. Eastern time. The Dow Jones industrial average rose 29 points, or 0.1 percent, to 23,357. The Nasdaq composite lost 14 points, or 0.2 percent, to 6,614. The Russell 2000 index of smaller-company stocks sank 4 points, or 0.3 percent, to 1,505. On the New York Stock Exchange, slightly more stocks fell than rose.

The S&P closed at an all-time high every day last week. According to S&P Dow Jones indices, that hadn’t happened since March 1998, according to S&P Dow Jones indices.

EARNINGS: Electronic storage company Seagate Technology surged after its first-quarter report surpassed analysts’ expectations. The stock gained $3.34, or 9.6 percent, to $38.28. VF Corp., which owns brands including Vans, Timberland and Wrangler, raised its estimates for the year after a strong third quarter report. Its shares advanced $4.71, or 7.1 percent, to $71.09.

Arconic, which makes engineered products for the aerospace and other industries, fell $1.09, or 4 percent, to $26.09 after it disclosed a smaller-than-expected profit.

DEALS: Communications software maker BroadSoft added 8 cents, or 1.5 percent, to $54.70 after Cisco Systems agreed to buy it for $55 a share, or $1.9 billion. The stock has climbed 25 percent since Aug. 29 on reports it would consider a possible sale. Cisco rose 15 cents to $34.40.

Timber and wood products companies Potlach and Deltic Timber also said they will combine. Potlach said it will buy Deltic in an all-stock deal that will create a company that owns about 2 million acres of timber. Deltic added $5.15, or 5.8 percent, to $94.27 and Potlach rose 50 cents, or 1 percent, to $53.50.

NO JOY FOR TOYS: Hasbro tumbled after its sales forecast fell short of Wall Street estimates. The company said the recent bankruptcy of Toys R Us affected its business. Its stock gave up $7.82, or 8 percent, to $90.37 and competitor Mattel fell 77 cents, or 4.8 percent, to $15.21.

LAGGARDS: General Electric tumbled 88 cents, or 3.7 percent, to $22.94 and dragged industrial companies lower. Equipment rental company United Rentals lost $2.51, or 1.7 percent, to $141.93.

BONDS: Bond prices edged higher. The yield on the 10-year Treasury note fell to 2.37 percent from 2.38 percent.

ENERGY: Benchmark U.S. crude added 29 cents to $52.13 a barrel in New York. Brent crude, used to price international oils, picked up 8 cents to $57.83 a barrel in London.

CURRENCIES: The dollar rose to 113.69 yen from 113.50 yen. The euro fell to $1.1755 from $1.1780.

OVERSEAS: The CAC 40 in France rose 0.5 percent and Germany’s DAX rose 0.1 percent. In Britain, the FTSE 100 added 0.1 percent.

Japan’s benchmark Nikkei 225 jumped 1.1 percent after Prime Minister Shinzo Abe’s ruling Liberal Democratic Party scored a win in the nationwide parliamentary election Sunday, partly because of a splintered opposition. However a new pacifist opposition party made dramatic gains. That underscored voters’ doubts about Abe’s agenda for revising Japan’s war-renouncing constitution and strengthening the military.

The South Korean Kospi finished little changed and Hong Kong’s Hang Seng fell 0.6 percent.


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