Tuesday, September 23, 2014
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US indexes move higher; Amazon gains, Macy’s drops

By
From page B6 | August 14, 2014 |

NEW YORK — A modest gain for the stock market on Wednesday tugged the Dow Jones industrial average back into the black for the year as investors set aside concerns about Ukraine, Iraq and earnings, at least for a day.

Amazon led the gains in light trading, despite a mixed batch of economic and corporate news. The gains were broad but thin. Three companies rose for every one that fell on the New York Stock Exchange, and all 10 sectors in the S&P 500 ended higher.

“This is a very resilient market,” said Uri Landesman, president of Platinum Partners, a hedge fund in New York.

Markets have turned choppy in recent weeks as investors have weighed a host of concerns. At times, worries over global conflicts and Europe’s economy have overshadowed signs of steady growth in the U.S. economy and rising corporate profits. Landesman pointed to plenty of reasons for traders to ditch stocks this summer, including high prices.

“We’re getting through the summer and the market is still pretty close to its high,” he said. “It shows you the trend is still upward.”

Amazon, the online retail giant, unveiled a new payment system for mobile phones. The device, called Amazon Local Register, is aimed at helping small businesses accept payments through smartphones and tablets. Amazon’s stock gained $6.96, or 2 percent, to $326.28.

The S&P 500 rose 12.97 points, or 0.7 percent, to end at 1,946.72. The Dow gained 91.26 points, or 0.6 percent, to 16,651.80, the first time in August that the 30-stock average has been in positive territory for the year.

The tech-heavy Nasdaq composite climbed 44.87 points, or 1 percent, to 4,434.13.

 

The Associated Press

The Associated Press

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