NEW YORK -- U.S. stocks closed barely higher Wednesday as big gains for utilities balanced out losses for retailers like Lowe's, Target and Staples.
The Dow Jones industrial average rose 21.92 points, or 0.1 percent, to 18,573.94. The Standard & Poor's 500 index gained 4.07 points, or 0.2 percent, to 2,182.22 after falling as much as 10 points early on. The Nasdaq composite inched up 1.55 points to 5,228.66. That left the market little changed from Tuesday and continued a persistent pattern of small moves for U.S. stocks.
Stocks fell in morning trading as a recent slump in phone-company and utility stocks continued. But the indexes reversed directions after noon as those stocks turned higher, as did banks and household-goods makers. Investors scrutinized the minutes from the Federal Reserve's late July meeting and found no suggestion the central bank's in any hurry to raise interest rates.
Federal Reserve officials felt near-term risks to the U.S. economy have diminished as job growth improved in June and July. It said another change in interest rates might be warranted before long, but investors doubt that will happen in September and they're not sure if it will happen in the months after that.
"The minutes today were not any kind of a surprise," said Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute. "There's probably some relief there."
Utility companies made the biggest gains, as low interest rates and bond yields make their big dividend payments more appealing. Dominion Resources jumped $1.97, or 2.6 percent, to $76.65 and Xcel Energy added 69 cents, or 1.7 percent, to $42.33.
Bond prices turned higher and the yield on the 10-year Treasury note fell to 1.55 percent from 1.58 percent. The dollar weakened, falling to 100.19 yen from 100.25 yen. The euro rose to $1.1290 from $1.1277. In recent days the Fed's decision to leave rates unchanged has weakened the dollar, helping exporters.
Consumer companies slumped after weak results and forecasts for some major retailers.
Office-supply retailer Staples fell after disappointing analysts with its forecasts, which included further sales declines. Its stock fell 66 cents, or 7.1 percent, to $8.67. Shares of rival Office Depot lost 26 cents, or 6.9 percent, to $3.52.
Urban Outfitters jumped after it disclosed solid second-quarter results. The company said sales at older stores improved, surprising analysts who expected a decline. The stock gained $4.71, or 15.4 percent, to $36.05. It's up 58 percent this year, wiping out a steep loss from 2015.
Oil prices climbed after the Energy Information Administration said U.S. crude-oil inventories shrank by 2.5 million barrels last week and gas stockpiles decreased by 2.7 million barrels. The declines were larger than expected, which is generally good for oil prices. Benchmark U.S. crude added 21 cents to $46.79 a barrel in New York. Brent crude, used to price international oils, inched up 62 cents, or 1.3 percent, to $49.85 a barrel in London.
The price of gold fell $8.10 to $1,348.80 an ounce. Silver fell 23 cents, or 1.1 percent, to $19.65 an ounce. Copper gave up 2 cents to $2.15 a pound.
Business on 08/18/2016