NEW YORK, N.Y. – The latest on developments in financial markets (All times local):
Stocks are ending with tiny gains as a post-election rally runs out of steam.
Safe-play investments were back in favour Friday, and bank stocks gave back some of their big gains over the past few weeks.
Utilities and real estate companies did well as investors stuck with slow-and-steady stocks that pay big dividends.
Bond prices also rose, sending yields lower. That hurt banks by making it harder for them to make money from lending. Goldman Sachs, which hit a nine-year high on Thursday, fell 1 per cent.
The Dow Jones industrial average slid 21 points, or 0.1 per cent, to 19,170. It hit a record high the day before.
The Standard & Poor’s 500 index rose a fraction to 2,191. The Nasdaq composite picked up 4 points, or 0.1 per cent, to 5,255.
Stocks are mostly higher in midday trading as some big technology names and high-dividend stocks bounce back from steep losses a day earlier.
Bond prices rose Friday, sending yields lower. That benefited high-dividend stocks like utilities and real estate companies, which investors often think of as substitutes for bonds.
Banks gave back some of their recent gains. A slump in Goldman Sachs helped pull the Dow Jones industrial average back from the record high it set Thursday.
Technology stocks rose. Chipmaker Qualcomm gained 2.6 per cent.
The Dow slid 10 points, or 0.1 per cent, to 19,181. The Standard & Poor’s 500 index rose 4 points, or 0.2 per cent, to 2,195. The Nasdaq composite picked up 11 points, or 0.2 per cent, to 5,262.
U.S. stocks are mixed as a rally in oil prices and bank stocks fades.
Before trading opened Friday the government reported that U.S. employers added 178,000 jobs in November, about what investors expected.
Charles Schwab lost 2.5 per cent as banks slid. Large gains for banks have lifted the Dow Jones industrial average to record highs.
Starbucks fell 3 per cent after the giant coffee chain said Howard Schultz will step down as its CEO in April.
The Dow Jones industrial average slid 34 points, or 0.2 per cent, to 19,157.
The Standard & Poor’s 500 index rose 2 points to 2,193. The Nasdaq composite picked up 14 points, or 0.3 per cent, to 5,265.