The major stock indexes closed mixed Monday, as the Dow Jones industrial average hit another record high.
X The Dow climbed 0.3% but the average and other indexes pared gains in the final minutes of trading. Chevron (CVX) climbed 1.4% as it continued to rise since reporting earnings Friday morning. The stock is now above its 200-day moving average and is working on a new base.
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The S&P 500 fell nearly 0.1%, despite strength in energy and banking stocks. The small-cap Russell 2000 was off 0.1% at the close also.
The Nasdaq, however, had a rougher day. It lost 0.4% as internet and biotechs were broadly lower. Amazon.com (AMZN) closed slightly below its 50-day moving average in the third straight loss in heavy volume.
There was only one notable breakout. Sanderson Farms (SAFM) broke out of a cup without handle, clearing a 129.60 buy point. But volume was about 19% less than normal levels, and that complicates the stock's outlook.
Some energy groups were higher as WTI crude oil prices topped $50, closing at $50.31 a barrel and a two-month high. But it was the low-ranked coal group that did best in the sector, rising about 3%. Thinly traded Alliance Holdings (AHGP) surged 12% after posting a 7% drop in adjusted quarterly earnings.
The retail sector was mixed. Discount stores led. Costco Wholesale (COST) surged nearly 4% as it tries to rebound from a six-week rout. Wal-Mart (WMT) rose for an eighth straight session and is near a breakout point at 80.57. But department stores and online retailers lagged.
Media stocks were mixed after a major deal in the sector was confirmed.
Discovery Communications (DISCA) agreed to buy Scripps Networks Interactive (SNI) for $11.9 billion, a deal that combines HGTV, Food Network, the Discovery family of channels and other popular cable networks. Discovery will acquire Scripps for about $90 a share and assume long-term debt of $2.7 billion. The potential deal between the two cable companies was first reported July 19.
Discovery shares tumbled 8% to a September low. Scripps rose less than 1% but had rallied the past several days on talk of the impending deal.
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