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

The S&P 500 was down 4.31 points, or 0.17 percent, to 2,550.93.

US 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.

The Dow Jones industrial average added 42.21 points, or 0.2%, to 22,872.89. The stock traded 0.2 percent higher as of 9:12 a.m.in NY.

The S&P's 500 index gained 4.60 points, or 0.2%, to 2,555.24.

The Nasdaq is up 1,208.39 points, or 22.4 percent. In individual stocks, Bank of America and Wells Fargo & Co. reported third-quarter earnings today, with B. of A. registering some gains and Shares of Wells Fargo declined on its weaker-than-expected numbers.

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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.

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

Bank of America (BAC.N), the second-biggest US bank by assets, rose 1.5 percent after the lender's profit topped estimates due to higher interest rates and a drop in costs.

Also limiting the day's gains, the healthcare sector.SPXHC was down 0.3 percent as health insurers and hospital operators tumbled on news that President Donald Trump scrapped billions of dollars in Obamacare subsidies to private insurers for low-income Americans. The Dow Jones Small-Cap Growth TSM Index closed at 9,114.58 for a loss of 7.87 points or 0.09%.

Treasury yields fell on the news, with the benchmark 10-year yield trading at 2.28 percent.

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