October 21, 2014
Dow ends at record high as Apple drags on S&P 500 and Nasdaq
The gains came after a volatile week for those shares. The S&P 500 has alternated between gains and losses each day this week, and the Nasdaq has dropped for three straight sessions - its longest losing streak since early April - as Internet-related stocks came under pressure.
Trading was mostly lackluster, with about 5.7 billion shares changing hands on the US exchanges, below the 6.2 billion month-to-date average, according to data from BATS Global Markets.
The Dow Jones industrial average rose 32.37 points or 0.2 percent, to 16,583.34, the S&P 500 gained 2.85 points or 0.15 percent, to 1,878.48 and the Nasdaq Composite added 20.374 points or 0.5 percent, to 4,071.869.
For the week, the Dow rose 0.4 percent, while the S&P 500 dipped 0.1 percent and the Nasdaq fell 1.3 percent. This marked the Nasdaq's biggest weekly percentage decline in a month.
US Treasuries drifted lower as the 30-year long bond again surrendered price gains following an unexpectedly costly $16 billion government auction of new 30-year debt.
Yields on 30-year Treasuries, which have been favored in recent months by pension fund buyers, stood at 3.4659 percent, reflecting a price decline of 19/32.
The benchmark 10-year note fell 6/32 to yield 2.6233 percent.
The US dollar strengthened against the euro and Japanese yen after the European Central Bank signaled it could deliver fresh monetary stimulus next month, while global equity markets eased after hitting record peaks this week.
Lower-rated euro zone bonds rallied after ECB President Mario Draghi gave his clearest signal yet that policymakers might act in June to stem slowing inflation and bolster a fragile economic recovery in the single currency bloc.
The euro fell 0.52 percent to 1.3768 against the dollar. The dollar basket rose 0.69 percent and the dollar gained 0.12 percent against the yen to 101.77.
The pan-European FTSEurofirst 300 index slipped 0.26 percent to close at 1,355.40, after hitting its highest level since May 2008 on Thursday.
US crude futures were rangebound as support from a drawdown in domestic crude stockpiles offset technical sell points that have kept oil in check. Brent crude was lower.
Brent crude for June settled down 15 cents to $107.89 a barrel. US oil fell 27 cents to settle at $99.99.
Gold fell, pressured by the euro's sharp decline from a 2-1/2 year high. US COMEX gold futures for June delivery settled down 10 cents an ounce at $1,287.60.