Belfast Telegraph

Stocks slow down after a record-setting run

The Standard & Poor's 500 index dipped on Thursday to break a seven-day winning streak, its longest in three and a half years.

It was part of a pause for stock markets around the world, which have been on a torrid run thanks to an improving economy, stronger corporate earnings and hopes for more business-friendly policies from Washington.

The dollar's value also dipped against rival currencies, and Treasury yields fell as bond prices rose.

The S&P 500 fell 2.03 points, or 0.1%, to 2,347.22. The Dow Jones industrial average rose 7.91 points, less than 0.1%, to set another record at 20,619.77.

The Nasdaq composite dipped 4.54 points, or 0.1%, to 5,814.90. Four stocks fell for every three that rose on the York Stock Exchange.

The day's largest loss within the S&P 500 came from TripAdvisor, which fell 5.78 dollars, or 11%, to 46.92 dollars after reporting weaker revenue and earnings for its latest quarter than analysts forecast.

Avon Products, a direct seller of cosmetics, also plunged after reporting weaker-than-expected results. The company said the number of sales representatives, who are famous for selling its products door to door, slipped from a year earlier. The stock dropped 1.09 dollars, or 18.6%, to 4.77 dollars.

Most companies, though, have been reporting stronger results for the last three months of 2016 than Wall Street forecast.

Medical-waste company Stericycle jumped to the biggest gain in the S&P 500 after its earnings and revenue for the latest quarter topped analysts' estimates. The stock rose 5.96 dollars, or 7.7%, to 83.35 dollars.

Handbag maker Kate Spade climbed after the company said it is considering options that could include a sale. Its stock, which traded around three-year lows in December, jumped 2.89 dollars, or 14.7%, to 22.56 dollars.

Treasury yields pulled back, giving back some of their increase from prior days. The 10-year Treasury yield fell to 2.45% from 2.50% late Wednesday. The two-year Treasury yield fell to 1.21% from 1.25%, and the 30-year yield fell to 3.05% from 3.08%.

Stock markets around the world also slowed Thursday. In Europe, the French CAC 40 fell 0.5%, the German DAX index fell 0.3% and the UK FTSE 100 also slipped 0.3%. In Asia, Japan's Nikkei 225 index fell 0.5%, the South Korean Kospi dipped 0.1% and the Hang Seng in Hong Kong rose 0.5%.

The dollar fell to 113.21 yen from 114.26 late Wednesday. The euro rose to 1.0640 dollars from 1.0591 dollars, and the British pound rose to 1.2490 dollars from 1.2445 dollars.