Stocks Mixed, but Dow Keeps Winning Streak

By Justin Yang and Riva Gold Features Dow Jones Newswires

Earnings results from dozens of big U.S. corporations pulled major stock indexes in different directions Thursday.

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Some of the biggest insurance companies dragged down the broader financial sector after reporting quarterly earnings; meanwhile, solid profits lifted consumer goods companies including Clorox.

The result: Major U.S. stock indexes struggled to find direction the day after the Dow Jones Industrial Average rose above 22000 for the first time. On Thursday, the Dow rose for the eight straight session and notched its 33rd record of the year, as stocks continued to benefit from a buoyant global economy, a weaker dollar and a solid earnings season.

The blue-chip index rose about 10 points, or less than 0.1%, to 22026 at 4 p.m. The S&P 500 fell 0.2%, while the Nasdaq Composite declined 0.4%.

"The market isn't cheap, but it's not expensive either, given the low interest rate environment," said Nadia Lovell, U.S. equity strategist at J.P. Morgan Private Bank.

Prudential Financial shares fell 4.3% as its operating income missed analyst expectations. MetLife shares lost 2.9%.

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Kellogg's stock jumped 4.3% as second-quarter earnings for the maker of Frosted Flakes and Eggo waffles beat analyst expectations. Separately, Clorox shares added 2.1% after the maker of consumer products such as liquid bleach and trash bags reported a climb in net profits for the latest quarter.

Shares of Tesla jumped around 6.5% after the electric-car company reiterated its plans to sell more vehicles during the second half of the year.

Declines in the British pound helped push the export-heavy FTSE 100 index up 0.9%, highlighted by exporters such as British American Tobacco and AstraZeneca.

In Asia, South Korean stocks led the way lower, with the Kospi down 1.7% after recently topping highs set in 2011. A big pressure point was Samsung Electronics, which fell 2.5% -- erasing its gains for the week -- as the Samsung conglomerate's de facto head testified for the first time at his corruption trial.

Riva Gold contributed to this article.

Write to Riva Gold at

(END) Dow Jones Newswires

August 03, 2017 16:47 ET (20:47 GMT)