Business

Stocks slow after a record-setting run

The Standard & Poor’s 500 index dipped Thursday to break a seven-day winning streak, its longest in 3½ years, though it remains a nudge away from its record high.

It was part of a pause for stock markets around the world, which have been on a torrid run thanks to an improving economy, stronger corporate earnings, and hopes for more business-friendly policies from Washington.

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Treasury yields fell as bond prices rose.

The S&P 500 fell 0.1 percent to 2,347.22. The Dow Jones industrial average rose less than 0.1 percent to set another record at 20,619.77. The Nasdaq composite dipped 0.1 percent to 5,814.90.

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The day’s largest loss within the S&P 500 came from TripAdvisor, down 11 percent after reporting weaker revenue and earnings for its latest quarter than analysts forecast.

Avon Products also plunged on weaker-than-expected results. The number of company sales representatives also slipped from a year earlier. The stock dropped 18.6 percent.

Most companies, though, have been reporting stronger results for the last three months of 2016 than Wall Street forecast.

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Medical-waste company Stericycle had the S&P 500’s biggest gain, 7.7 percent, after earnings and revenue topped estimates.

Cisco Systems gained 2.4 percent, and NetApp climbed 4.2 percent after likewise reporting larger-than-expected profits.

Handbag maker Kate Spade climbed 14.7 percent after saying it is considering options that could include a sale.

The 10-year Treasury yield fell to 2.45 percent from 2.50 percent late Wednesday. The two-year yield fell to 1.21 percent from 1.25 percent, and the 30-year yield fell to 3.05 percent from 3.08 percent.

Yields fell even as more encouraging reports on the economy arrived. Builders broke ground on slightly more homes last month than economists expected, though activity was down from the prior month. A measure of manufacturing in the Philadelphia region suggested that growth is improving, and that figure also beat forecasts.

Reports on Wednesday showed rising optimism among shoppers may be translating into increased spending and that inflation is rising at a healthy pace.

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