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Wall St. slightly higher, but healthcare, bank stocks weigh

Reuters 

By Sinead Carew

(Reuters) - U. S. equities edged higher on Monday as investors took stock after the strong rally that marked the start of 2018, but healthcare and weighed on Wall Street's three major indexes.

Investors were focused on making marginal moves within their portfolios on a slow day after the rally and before earnings season, said Jim Paulsen, at in

"The lies ahead in terms of economic reports, earnings and earnings warnings. In the meantime, you'll take advantage of some of the price action," said Paulsen.

At 3:02 p.m. ET, the <. DJI> rose 1.23 points, or 0 percent, to 25,297.1, the 500 <. SPX> gained 4.21 points, or 0.15 percent, to 2,747.36 and the <. IXIC> added 18.17 points, or 0.25 percent, to 7,154.73.

The 500's was the weakest performer of the S&P's 11 sectors with a 0.5-percent decline on the first day of in It had risen 3.2 percent in the previous week.

The index <. NBI> was down 1.4 percent, on track for its biggest one-day percentage decline since mid-December, led by a 3.9-percent drop in and 3.2 percent decline in .

A 0.4-percent decline in the subsector <. SPXBK> put pressure on the broader financials index <. SPSY>, which was down 0.1 percent.

Investors waited for the fourth-quarter earnings reports to gauge the impact of recent tax cuts.

The earnings season kicks off later this week, starting with big banks.

and were down 1 percent. Most big U. S. lenders have estimated one-off charges to their fourth quarter earnings on account of tax cuts.

Defensive sectors such as utilities <. SPLRCU>, and regained some ground lost in the previous week and were the S&P's biggest gainers on the day.

climbed 2.7 percent to a record at $165.55 after upgraded the stock saying the tax overhaul could help North America's construction business cycle extend in 2018.

was up 5 percent. The department store operator posted far stronger same-store sales for the holidays than its bigger peers.

was up 3.9 percent after the graphics chipmaker announced partnership with and as its platforms expand into technology for self-driving cars.

were last down 15 percent at $6.41. Earlier in the day, it had lost about a third of its value and hit a record low at $5.04 after saying it expected lower fourth-quarter revenue and that it would exit the drone business.

Advancing issues outnumbered declining ones on the NYSE by a 1.46-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored advancers.

The 500 posted 91 new 52-week highs and no new lows; the recorded 112 new highs and 24 new lows.

(Additional reporting by in Bengaluru; Editing by and Nick Zieminski)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 02:07 IST
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