Stocks slow down after a record-setting run

February 16 2017, 10.35pmUpdated: February 17 2017, 12.03pm
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The Standard & Poor’s 500 index dipped on Thursday to break a seven-day winning streak, its longest in three and a half years.

It was part of a pause for stock markets around the world, which have been on a torrid run thanks to an improving economy, stronger corporate earnings and hopes for more business-friendly policies from Washington.

The dollar’s value also dipped against rival currencies, and Treasury yields fell as bond prices rose.

The S&P 500 fell 2.03 points, or 0.1%, to 2,347.22. The Dow Jones industrial average rose 7.91 points, less than 0.1%, to set another record at 20,619.77.

The Nasdaq composite dipped 4.54 points, or 0.1%, to 5,814.90. Four stocks fell for every three that rose on the York Stock Exchange.

The day’s largest loss within the S&P 500 came from TripAdvisor, which fell 5.78 dollars, or 11%, to 46.92 dollars after reporting weaker revenue and earnings for its latest quarter than analysts forecast.

Avon Products, a direct seller of cosmetics, also plunged after reporting weaker-than-expected results. The company said the number of sales representatives, who are famous for selling its products door to door, slipped from a year earlier. The stock dropped 1.09 dollars, or 18.6%, to 4.77 dollars.

Most companies, though, have been reporting stronger results for the last three months of 2016 than Wall Street forecast.

Medical-waste company Stericycle jumped to the biggest gain in the S&P 500 after its earnings and revenue for the latest quarter topped analysts’ estimates. The stock rose 5.96 dollars, or 7.7%, to 83.35 dollars.

Handbag maker Kate Spade climbed after the company said it is considering options that could include a sale. Its stock, which traded around three-year lows in December, jumped 2.89 dollars, or 14.7%, to 22.56 dollars.

Treasury yields pulled back, giving back some of their increase from prior days. The 10-year Treasury yield fell to 2.45% from 2.50% late Wednesday. The two-year Treasury yield fell to 1.21% from 1.25%, and the 30-year yield fell to 3.05% from 3.08%.

Stock markets around the world also slowed Thursday. In Europe, the French CAC 40 fell 0.5%, the German DAX index fell 0.3% and the UK FTSE 100 also slipped 0.3%. In Asia, Japan’s Nikkei 225 index fell 0.5%, the South Korean Kospi dipped 0.1% and the Hang Seng in Hong Kong rose 0.5%.

The dollar fell to 113.21 yen from 114.26 late Wednesday. The euro rose to 1.0640 dollars from 1.0591 dollars, and the British pound rose to 1.2490 dollars from 1.2445 dollars.

AP

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