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Dow, S&P 500 Poised For 5th Straight Weekly Gain; Steel Names Rise

14 October 2017

USA stock indexes retreated from their record highs on Thursday as retailers and media companies declined and investors shrugged at quarterly reports from a few big banks. Six of the 11 major S&P indexes were lower, led by a 0.6 percent drop in telecom services index.

Corporate earnings for the S&P 500 have grown 6.1 percent, 15.5 percent and 10.8 percent in the fourth quarter of previous year and the first and second quarters of 2017, respectively.

JPMorgan Chase and Citigroup also posted stronger-than-expected quarterly results on Thursday.

Crude oil was about 1.46 percent higher with prices at $51 per barrel.

Gains in Wal-Mart and Johnson & Johnson nudged the Dow Jones Industrial Average to another record level on Wednesday, but the broader market was sluggish ahead of big bank earnings. Retail sales, meanwhile, gained 1.6 percent, while analysts polled by Reuters expected a gain of 1.7 percent.

The Russell 2000 is down 5.05 points, or 0.3 percent. J&J rose about 2 percent after Jefferies upgraded the stock to "buy", saying the company's pharma division would help it top analysts' profit estimates.

In small-caps, the Russell 2000 Index closed at 1,505.16 for a loss of 1.76 points or 0.12%.

USA indexes were lower as investors watched third-quarter bank earnings.

"Armenpress" reports the value of Dow Jones up by 0.18% to 22872.89 points, S&P 500 up by 0.18% to 2555.24 points, Nasdaq up by 0.25% to 6603.55 points.

The Russell 2000 is up 148.03 points, or 10.9 percent.

Dow, S&P 500 Poised For 5th Straight Weekly Gain; Steel Names Rise