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Dow Closes Up 8, Nasdaq Finishes Down 7

Investors piled into stocks at the beginning of the year after lawmakers reached a last-minute deal to avoid the "fiscal cliff" of sweeping tax hikes and spending cuts. The gains continued as investors were encouraged by signs that the housing and jobs markets are recovering. Company earnings have also held up well. There are signs, however, that the rally is running out of steam.
Associated Press,

NEW YORK (AP) -- The S&P 500 kept its winning streak alive, just.

The Standard & Poor's 500 ended the week nearly two points higher, enough to give it a seventh straight week of gains. That's the longest stretch of advances in more than two years.

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The index lost 1.59 points to end at 1,519.79 Friday. For the week it held on to a gain of 1.86 points.

Investors piled into stocks at the beginning of the year after lawmakers reached a last-minute deal to avoid the "fiscal cliff" of sweeping tax hikes and spending cuts. The gains continued as investors were encouraged by signs that the housing and jobs markets are recovering. Company earnings have also held up well.

There are signs, however, that the rally is running out of steam.

The Dow Jones industrial average rose 8.37 points to close at 13,981.76 Friday, but ended the week down 11 points. The index has now edged lower for two straight weeks.

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"We've just had such a fast start to the year," said John Fox, manager of the FAM value fund. "It just makes sense that you are going to have a leveling or a slowdown."

Walmart was the biggest decliner in the Dow Friday. The stock fell $1.52, or 2.2 percent, to $69.30 after Bloomberg News published excerpts from an internal e-mail that said sales in February were a "total disaster." The retailer, which reports earnings next week, said that sometimes internal communications lacked "proper context" and "are not entirely accurate."

Energy companies also contributed to the slump, following the price of crude oil lower. Chevron dropped 75 cents, or 0.6 percent, to $114.96.

The Nasdaq composite fell 6.63 points to 3,192.03 and was also down for the week, dropping 1.84 points.

Herbalife gained 47 cents, or 1.2 percent, to $38.74, and climbed as high as $44.93 after the billionaire investor Carl Icahn disclosed that he had accumulated a 13 percent stake in the company. The stock of the dietary supplement maker slumped last year after Pershing Square Capital Management's William Ackman described it as a massive pyramid scheme and placed bets that it would fall.

Investors are continuing to put money into stocks. Lipper, a unit of financial data provider Thomson Reuters, reported that $2.4 billion flowed into stock funds this week, marking the sixth straight week of increases. In January $37.4 billion went into stock funds, the most in that month since 2000.

The yield on the 10-year Treasury note, which moves inversely to its price, has risen as investors have put more cash into stocks. The yield rose 1 basis point to 2.01 percent, having started the year at 1.70 percent.

Among other stocks making big moves:

- MeadWestvaco, a packaging company, surged $3.97, or 12.5 percent, to $35.65 after Nelson Peltz's Trian Fund Management disclosed that it had taken a $51 million stake in the company.

- Xoom, an online money transfer company, surged $9.49, or 59 percent, to $25.49 on its first day as a publicly traded company. Xoom raised $101.2 million from selling 6.3 million shares at $16 each.

- Burger King gained 78 cents, or 4.7 percent, to $17.36. The company's fourth-quarter earnings nearly doubled after it revamped its menu.

- St. Jude Medical fell $1.48, or 3.4 percent, to $41.53 after a Cowen & Co. analyst downgraded the medical device maker's stock, saying he believes the company's Durata heart wire is not very different from older wires that have been taken off the market.

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Ratings

Overnights, adults 18-49 for September 22, 2016
  • 1.
    4.0/14
  • 2.
    1.7/6
  • 3.
    1.3/5
  • 4.
    0.9/3
  • 5.
    0.6/2
  • 6.
    0.3/1
Source: Nielsen

Reviews

  • Rob Owen

    Easily fall’s best broadcast network comedy pilot, NBC’s The Good Place offers a clever high-concept premise that’s complemented with intelligent, sometimes absurdist humor. Created by Michael Schur, co-creator of NBC’s Parks and Recreation, The Good Place is a highly serialized series that’s essentially set in heaven and stars Kristen Bell and Ted Danson. NBC made five episodes of The Good Place available for review, and the show not only holds up, but also it improves, deepening characters that initially feel one-note and frequently leaving viewers guessing with cliffhanger endings to many of the episodes. The combination of snappy dialogue and winning but flawed characters makes The Good Place a great bet for fans of smart TV comedy.

  • Maureen Ryan

    Pitch has swagger, for good reason. It gets the big things right; the Fox drama about the first female baseball player in the Major Leagues is one of the year’s most assured and exciting debuts. But part of what impresses about the pilot is also the way it confidently strings together so many small but telling details. Ginny (Kylie Bunbury) is the first woman to be called up from the minors to the big leagues, and no show since Friday Night Lights has done a better job of portraying the internal and external pressures that weigh heavily on young athletes asked to do much more than merely succeed on the field. Pitch will likely do a good job of getting viewers to root for it. The hope is that the show won’t be an impressive, short-lived curiosity, but rather a long-term phenomenon.

  • Kevin Fallon

    In a fall TV season that’s already making a splash for championing diverse, distinctive voices in an array of projects that they created, wrote, and starred in, Better Things on FX stands out. The show is created by, written by, and starsPamela Adlon. She plays Sam Fox, the single mother of three daughters modeled after her own reality-show-ready experience raising three girls in Los Angeles following a divorce. Sam is also, like Adlon, a working actress — on shows both raunchy, a la Californication, and animated for children, like her role on Recess. It’s a refreshingly blunt take on single motherhood without sacrificing the warmth of parental love, portraying the dance between selfishness and selflessness that’s at the heart of being a parent — especially one weathering the hormonal fireworks of a household of four women at different ages.

  • David Wiegand

    The fall TV season doesn’t count as much as it used to — we already know that. But no matter how many retreads the broadcast networks throw at viewers in the next few months, this fall will be memorable because of the premiere of Atlanta on Tuesday, Sept. 6, on FX. The half-hour comedy created by and starring Donald Glover (Community), simply and brilliantly recalibrates our expectations of what a TV comedy is and how black lives are portrayed on the medium.

  • Louisa Ada Seltzer

    The second reboot of the 1980s John Candy movie Uncle Buck, bumped by ABC from midseason, has the same tired jokes you'll find on any second-rate sitcom. Too bad, because Mike Epps is appealing and ABC would be wise to keep him around for future shows, but there’s just not enough to this show to suggest it will last past summer. It also airs against NBC’s America’s Got Talent, summer’s No. 1 program on broadcast, which may make it even harder to find an audience.

  • Neil Genzlinger

    Bryan Cranston brings his Tony Award-winning interpretation of President Lyndon B. Johnson to television in an adaptation of the Robert Schenkkan play All the Way, and it’s still quite a sight to behold, just as it was on Broadway in 2014. Nothing beats witnessing this kind of larger-than-life portrayal onstage, of course. But the television version, presented by HBO, offers plenty of rewards, allowing Cranston to work the close-ups and liberating him from the confines of a theater set. Cranston’s performance is a gem — in his hands, this accidental president comes across as an amazing bundle of contradictions, someone who seems at once too vulgar for the job and just right for it.

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