Dow inches up but S&P and Nasdaq slide - New York Report

DOW JONES yesterday eked out another record close, but the S&P 500 closed down and the Nasdaq snapped a 10-session winning streak as investors took profits in Apple shares.

Boosting the Dow were consumer discretionary shares including McDonald’s, up 3.9 per cent at 98.66, which also helped to limit losses on the S&P 500.

The Dow Jones industrial average rose 15.38 points, or 0.08 per cent, to 18,224.57, a record close. The S&P 500 lost 1.62 points, or 0.08 per cent, to 2,113.86 and the Nasdaq Composite dropped 0.99 points, or 0.02 per cent, to 4,967.14.

The S&P 500 consumer discretionary index added 0.8 per cent, with shares of TJX up 3.3 per cent at $69.38 after results. Target edged up 0.3 per cent to $77.15 after a stronger-than-expected jump in same-store sales and profits for the fourth quarter.

Apple shares dropped 2.6 per cent to $128.79, retracing recent gains. The stock is still up 16.6 per cent for the year so far.

“It’s a big hedge fund stock, and there’s always the potential for some profit-taking among some shorter-term players,” said Rick Meckler, president of LibertyView Capital Management in Liberty City, New Jersey.

Hewlett-Packard shares tumbled 9.9 per cent to $34.67 as the worst performer on the S&P 500. The world’s number two PC maker reported flat or lower quarterly revenue in all of its operating units and forecast full-year earnings well below analysts’ expectations.