Markets Right Now: Tech companies lead stocks back to gains
Posted August 29
NEW YORK — The latest on developments in financial markets (All times local):
After steep early losses, U.S. stocks are closing higher as technology and industrial companies get a lift from the weaker dollar.
The dollar traded at two-year lows Tuesday, which helps companies that make a lot of their sales and profits overseas.
Apple rose 0.9 percent and Raytheon climbed 2.2 percent.
Investors looked for safe investments after North Korea fired a ballistic missile over Japan and into the Pacific Ocean. Bond prices rose and yields fell.
Banks declined along with interest rates. M&T Bank lost 1.2 percent.
The Standard & Poor's 500 index added 2 points, or 0.1 percent, to 2,446.
The Dow Jones industrial average picked up 56 points, or 0.3 percent, to 21,865. The Nasdaq composite rose 18 points, or 0.3 percent, to 6,301.
U.S. stocks are slightly lower in midday trading as financial and energy companies slip while industrial firms rise.
Investors bought bonds Tuesday after North Korea launched a missile that flew over Japan. Banks fell as interest rates decreased Tuesday. Citigroup lost 1.1 percent.
The price of gold rose 0.7 percent.
Industrial and technology companies rose as the dollar weakened. Raytheon climbed 1.8 percent and Apple rose 0.9 percent.
Sporting goods companies fell after Finish Line slashed its annual forecast. It dropped 19.4 percent.
The Standard & Poor's 500 index fell 1 point, or 0.1 percent, to 2,442.
The Dow Jones industrial average added 16 points, or 0.1 percent, to 21,824. The Nasdaq composite added 7 points, or 0.1 percent, to 6,290.
Stocks are opening lower on Wall Street Tuesday led by drops in materials companies and banks, as investors were rattled by the launch of a North Korean missile that flew over Japan and fell into the Pacific Ocean.
Traditional safe haven investments were in demand including gold, which jumped $13.80 an ounce to $1,329.
Defense contractors benefited. Raytheon, Lockheed Martin and Northrop Grumman each rose more than 1 percent.
Retailers also traded lower. Best Buy fell 8.8 percent.
The Standard & Poor's 500 index slid 11 points, or 0.4 percent, to 2,433.
The Dow Jones industrial average lost 100 points, or 0.5 percent, to 21,707. The Nasdaq composite fell 33 points, or 0.5 percent, to 6,249.