Business

Stocks drift lower, paring January gains

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The Dow had its best start to the year since 1994, ending the month up 5.8%, ­according to S&P Capital IQ data. The S&P 500 finished 5% higher, its best January since 1997. ‘There’s not a whole lot of bears left here,’ said Jeff Hirsch, editor of Stock Trader’s Almanac, adding that the market may struggle to gain further in February. By one measure, the monthly flow into stock funds was the largest in nine years. Still, stocks drifted lower on Thursday as investors digested more earnings results and reports on the economy. UPS,
a bellwether, fell 2.4%; its latest quarter was hurt by weak global trade, and it forecast 2013 results that would trail expectations.

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