Economy

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

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

Clothing companies and other retailers fell after women's clothing company J. Jill slashed its third-quarter forecast. 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.

AT&T had its worst one-day loss since 2008 after it said lost more satellite and cable TV subscribers in the third quarter.

The focus will now shift to JPMorgan Chase and Citigroup, which report results on Thursday, with analysts warning that bank results will largely be held back by a lack of volatility, compared with a year earlier.

Using Nasdaq as the proxy tech index, technology stocks have outperformed the broader market indices - Dow Jones Industrial Average and S&P 500 - so far this year. In the 12 months through September, the index rose 2.6 percent.

For the week to Thursday the S&P 500 is up 1.60 points, or 0.1% and t he Dow is up 67.34 points, or 0.3%.

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

Bank of America, the second-biggest United States bank by assets, rose 1.10 per cent after the lender's profit topped estimates due to higher interest rates and a drop in costs.

Six of the 11 major S&P sectors were higher, led by a 0.7 per cent gain in the technology index, which had led much of the market's rally this year.

On the economic front, the Labor Department said its producer price index for final demand increased 0.4 percent last month after rising 0.2 percent in August.

The Dow Jones Industrial Average climbed 30.71 (+0.13 percent) to finish at 22,871.72.

All three indexes finished at all-time highs.

The Russell 2000 index of smaller-company stocks slipped 1.08 points, or 0.1 percent, to 1,506.92.



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