Stocks gain, despite data showing slow service sector growth
A trader works at the New York Stock Exchange on Friday, Sept. 2, 2016. Credit: Bloomberg News / Michael Nagle
U.S. stocks ended the day with modest gains Tuesday after a survey found that services companies grew at their slowest pace in six years in August.
ON WALL STREET: At the close, the Dow Jones industrial average was up 46.2 points, about 0.3 percent, at 18,538.1. The Standard & Poor’s 500 index gained 6.5 points, about 0.3 percent, to 2,186.5. The Nasdaq composite added nearly 26 points, about 0.5 percent, to 5,275.9.
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U.S. stocks ended the day with modest gains Tuesday after a survey found that services companies grew at their slowest pace in six years in August.
ON WALL STREET: At the close, the Dow Jones industrial average was up 46.2 points, about 0.3 percent, at 18,538.1. The Standard & Poor’s 500 index gained 6.5 points, about 0.3 percent, to 2,186.5. The Nasdaq composite added nearly 26 points, about 0.5 percent, to 5,275.9.
OIL PRICES: As markets closed, the price of benchmark U.S. crude oil was up 45 cents at $45.49 a barrel in trading on the New York Mercantile Exchange. In London, the price of Brent crude, used to price international oils, was down 32 cents at $47.31 a barrel.
SURVEY SHOCK: The Institute for Supply Management said U.S. service companies grew at a far slower pace in August than they had in July. While service firms have expanded every month for more than six years, the reading on the survey was the weakest since February 2010. New orders and hiring grew at a slower rate and exports fell. Service firms accounted for alm
FOX SETTLEMENT: 21st Century Fox fell 30 cents, or 1.2 percent, to $24.25 after it agreed to settle a sexual harassment lawsuit brought by former Fox News Channel anchor Gretchen Carlson. The case was brought against former Fox News CEO Roger Ailes. The company also apologized for the way Carlson was treated.
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