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US Stocks Close Mostly Higher          01/23 16:19

   Major U.S. stock indexes closed mostly higher Thursday, as gains in 
technology and industrial companies offset declines elsewhere in the market.

   (AP) -- Major U.S. stock indexes closed mostly higher Thursday, as gains in 
technology and industrial companies offset declines elsewhere in the market.

   The S&P 500 notched a small gain for the second straight day, while a modest 
pickup nudged the Nasdaq composite to an all-time high. The Dow Jones 
Industrial Average closed lower for the third day in a row, weighed down by a 
steep drop in shares of Travelers Cos. Bond prices rose, sending yields lower.

   Trading was choppy for much of the day following a sell-off in Asia, where 
concern about the potential impact of a deadly new virus outbreak dragged stock 
indexes in China sharply lower. Fears that the coronavirus could spread, 
dampening tourism and economic growth, has weighed on global markets this week, 
driving up demand for U.S. government bonds and safe-play stocks.

   Traders also had their eye on a mixed batch of company earnings reports, 
including encouraging quarterly results from American Airlines and Citrix 
Systems, and disappointing report cards from Travelers and Raymond James 

   "Today was driven a bit by earnings, but also by the coronavirus fears," 
said J.J. Kinahan, chief strategist with TD Ameritrade. "Asian markets had a 
really tough night and that was our lead-in, that put a bit of extra pressure 
on the market coming in."

   The S&P 500 index inched up 3.79 points, or 0.1%, to 3,325.54. The index had 
been down as much as 0.6% earlier in the day.

   The Dow fell 26.18 points, or 0.1%, to 29,160.09. The Nasdaq gained 18.71 
points, or 0.2%, to 9,402.48. The index, which is heavily weighted with 
technology stocks, previously hit a record high last Friday.

   The Russell 2000 index of smaller company stocks rose 0.55 points, or less 
than 0.1%, to 1,685.01.

   Excluding the Nasdaq, the major U.S. stock indexes are on track to end the 
week with a loss.

   Bond prices rose. The yield on the 10-year Treasury fell to 1.73% from 1.77% 
late Wednesday.

   Stocks got off to a shaky start following a sell-off in global markets as 
authorities worldwide stepped up measures to monitor and contain the virus. The 
central Chinese city of Wuhan, where the virus is concentrated, closed down its 
train station and airport Thursday to prevent people from entering or leaving 
the city.

   The coronavirus has been confirmed in five countries, including China, the 
U.S., Thailand, Japan and South Korea. More than 500 people have fallen sick 
and 17 have died from the illness, which can cause pneumonia and other severe 
respiratory symptoms.

   A World Health Organization committee decided on Thursday against declaring 
the outbreak a global emergency for now. Such a declaration can bring more 
money and other resources to fight a threat but can also trigger economically 
damaging restrictions on trade and travel in the affected countries, making the 
decision a politically fraught one.

   The market regained some of its footing as the day went on and investors 
focused on the latest company earnings reports.

   Technology stocks notched the biggest gains. Citrix Systems led all S&P 500 
stocks, vaulting 7.8%, after the software company reported fourth-quarter 
earnings and revenue that topped Wall Street's forecasts.

   Industrial stocks also rose, helped by solid earnings from American Airlines 
Group. Strong travel demand resulted in record occupancy levels on its planes, 
though the airline noted it had to cancel about 10,000 flights during the 
fourth quarter because of the grounding of the Boeing 737 Max jets. Its stock 
climbed 5.4% and helped lift other airlines. Southwest Airlines gained 3.6% and 
Alaska Air Group rose 2.4%.

   Real estate and utilities companies also notched gains as traders shifted 
money into the safe-play sectors.

   Health care stocks were the biggest losers. Edwards LifeSciences, which 
makes heart valves, dropped 4.8%.

   Financial stocks, including insurers, also fell. Travelers Cos. slid 5.1%, 
while financial services firm Raymond James dropped 6.2% after falling short of 
profit forecasts.

   Crude oil prices slumped and weighed on energy stocks. Pioneer Natural 
Resources dropped 2.9%.

   V.F. Corp. slid 9.7% after the maker of Vans and Timberland shoes cut its 
profit forecast for the year following weak fiscal third-quarter sales. The 
stock was the biggest decliner in the S&P 500.

   Benchmark crude oil fell $1.15 to settle at $55.59 a barrel. Brent crude 
oil, the international standard, dropped $1.17 to close at $62.04 a barrel. 
Wholesale gasoline fell 2 cents to $1.56 per gallon. Heating oil declined 1 
cent to $1.79 per gallon. Natural gas rose 2 cents to $1.93 per 1,000 cubic 

   Gold rose $9.30 to $1,564.60 per ounce, silver was unchanged at $17.77 per 
ounce and copper fell 4 cents to $2.73 per pound.

   The dollar fell to 109.52 Japanese yen from 109.89 yen on Wednesday. The 
euro weakened to $1.1056 from $1.1092.

   European markets fell. Asian markets also declined. The virus outbreak 
coincides with the annual travel of hundreds of millions of Chinese for the 
Lunar New Year festival, which begins Friday. In Hong Kong, the Hang Seng 
dropped 1.5%, while the Shanghai Composite index declined 2.8%.


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