The News Courier in Athens, Alabama

State and Nation

July 12, 2013

Stocks inch higher, setting new records

(Continued)

The Dow closed up 3.38 points, just 0.02 percent, at 15,464.30. The Standard & Poor's 500 index rose 5.17 points, or 0.3 percent, to 1,680.19. Both indexes also closed at all-time highs on Thursday.

The Nasdaq composite edged up 21.78 points, or 0.6 percent, to 3,600.08. It's still well short of its record high of 5,048, set in March 2000.

The Russell 2000, which is made up of smaller companies, rose 3.35 points, or 0.3 percent, to close at 1,036.52.

All the big indexes are ahead 2 percent or more for the week.

United Parcel Service sank $5.33, or 5.8 percent, to $86.12 after saying its second-quarter and full-year earnings will be less than analysts have been expecting because the company's customers are using cheaper shipping options. UPS also said it's seeing a slowdown in U.S. industry.

FedEx fell, too. Its shares were down $2.11, or 2 percent, to $102.29.

Cost-cutting boosted profits at Wells Fargo, and its stock rose 74 cents, or 1.8 percent, to $42.63. JPMorgan Chase reported a 32 percent jump in profits, but its stock fell 17 cents to $54.97.

Anthony Conroy, managing director and head trader for ConvergEx Group, said JPMorgan's credit numbers were strong. "That means the consumer's out there spending and borrowing and propping up the whole economy, and that's a good thing," he said.

Conroy thinks it's likely that stocks will move higher, as long as second-quarter earnings reports at least match the low expectations that investors have. "The three most important things in the next couple of weeks are earnings, earnings, and earnings," he said.

Boeing dropped after a fire was reported on a 787 parked at Heathrow Airport, and after another 787 had to divert to a different airport. Boeing struggled earlier this year after its new 787 aircraft was grounded for more than three months because of smoldering batteries, and investors are nervous about any additional problems with the plane.

Before news of the fire broke, Boeing set a new 52-week high of $108.15 earlier Friday. The stock dropped $5.01, or 4.7 percent, to close at $101.87 on high volume. Boeing was the biggest decliner in the Dow.

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