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BUSINESS A25
Friday 29 December 2017
US stocks close higher in light trading; New high for Dow
Trader William McInerney, center, works at the New York Stock Exchange, Wednesday, Dec. 27, peratures dropped across ly last week. The S&P 500
much of the U.S. Crude oil and Nasdaq, meanwhile,
2017. U.S. stock indexes wrung out a modest gain during another quiet session on Wall Street prices also closed higher. are hovering just below
Consumer-goods makers their all-time highs. All the
Thursday. lagged the broad rally, indexes are on track to
which gave the market end the 2017 with double-
(AP Photo/Mark Lennihan) its second higher finish in digit gains. Bond prices fell
a row. The stock market as yields recovered par-
By ALEX VEIGA trial average to a new high which help banks because seldom declines this time tially from a big drop a day
of year, noted John Serra- earlier. The yield on the 10-
AP Business Writer ahead of the final trading it enables them to charge pere, director of research year Treasury rose to 2.43
at Arrow Funds. percent from 2.41 percent
U.S. stock indexes wrung day of 2017. higher interest rates on “It’s a light, light, light calen- late Wednesday.
dar,” Serrapere said. “Nor- That helped lift shares in
out a modest gain during Financial stocks accounted loans. Some energy stocks mally between Christmas banks and other financial
and New Year’s you get a companies. Northern Trust
another quiet session on for much of the market’s got a boost from natural positive, muted upslope in added $1.64, or 1.7 per-
the markets.” cent, to $100.32.
Wall Street Thursday, nudg- gains. The sector benefit- gas prices, which jumped The Standard & Poor’s 500 The price of natural gas
index rose 4.92 points, or 0.2 rose sharply as an arc-
ing the Dow Jones indus- ed from rising bond yields, nearly 7 percent as tem- percent, to 2,687.54. The tic blast gripped a large
Dow gained 63.21 points, swath from the Midwest
or 0.3 percent, to 24,837.51. to the Northeast, sending
The 30-company average temperatures plummeting.
has closed at a record high It climbed 18 cents, or 6.7
71 times this year. percent, to $2.91 per 1,000
The Nasdaq added 10.82 cubic feet. The increase
points, or 0.2 percent, to gave some energy compa-
6,950.16. The Russell 2000 nies a boost. Chesapeake
index of smaller-compa- Energy was the biggest
ny stocks picked up 4.99 gainer in the S&P 500 index,
points, or 0.3 percent, to climbing 16 cents, or 4.1
1,548.93, matching its most percent, to $4.04. Range
recent all-time high set ear- Resources rose 65 cents, or
3.8 percent, to $17.61. Net-
Average mortgage rates climbed this week flix also contributed to the
market’s gains Thursday.
By JOSH BOAK to 3.99 percent, up from cent a year ago. mortgage rates. The video-streaming ser-
AP Economics Writer 3.94 percent last week. The $1.5 trillion in tax cuts The relatively low rates vice picked up $6.47, or 3.5
WASHINGTON (AP) — Long- That average marks a five- President Donald Trump have helped preserve a percent, to $192.71.
term U.S. mortgage rates month high, but it’s still low- signed into law last week degree of affordability for Several packaged food,
increased this week, al- er than the 4.32 percent a led to an increase in the many would-be homebuy- beverage and other con-
though they’re lower than year ago. The rate on 15- interest charged on a 10- ers amid rising prices. Many sumer-goods makers de-
a year ago. year fixed-rate mortgages year U.S. Treasury note. This potential buyers are finding clined. Monster Beverage
Mortgage buyer Freddie increased to an average increase — likely reflective it difficult to buy a home slid $1.31, or 2 percent, to
Mac said Thursday that the 3.44 percent from 3.38 per- of both the debt and po- as the number of listings $62.92.
average rate on 30-year cent in the prior week. The tential stimulus from the tax on the market had drifted Traders also sold off shares
fixed-rate mortgages rose 15-year averaged 3.55 per- cuts — pushed up average down to record lows for in companies that deliv-
November. ered unimpressive results or
The average on five-year outlooks.
adjustable-rate mortgages Calumet Specialty Prod-
rose to 3.47 percent from ucts Partners tumbled 9
3.39 percent last week. percent after the oil and
A year ago, the five-year solvents processor reported
adjustable rate averaged disappointing third-quarter
3.30 percent.q results. The stock gave up
80 cents to $8.05. q
