Stocks end with small gains after a day of wavering

Major U.S. stock indexes wobbled and finished mostly higher Tuesday, led by technology companies and a handful of retailers.

The gains were enough to mark more record highs for several of the indexes, though not the Dow Jones industrial average.

Trading was lighter than usual, and stocks flipped between small gains and small losses for most of the day.

Outside of technology and retail, most other stocks finished lower. Energy companies slipped along with oil prices, and a rise in bond yields dented high-dividend stocks such as utilities and phone companies, which investors tend to buy when they are seeking income.

Canada’s foreign minister arrived in Washington to resume trade talks Tuesday, the day after stocks rose on news that the Trump administration had reached a preliminary deal with Mexico to replace the North American Free Trade Agreement.

“If we do get a new agreement in North America with lower overall tariffs or trade restrictions, long-term that’s a pretty positive result,� said Jim Paulsen, chief investment strategist for the Leuthold Group.

The Standard & Poor’s 500 index edged up 0.78 of a point to 2,897.52. The Dow Jones industrial average rose 14.38 points, or 0.1%, to 26,064.02. The Nasdaq composite rose 12.14 points, or 0.2%, to 8,030.04. The Russell 2000 index of smaller-company stocks inched up 0.02 of a point to 1,724.42.

The S&P 500, Nasdaq and Russell all closed at record highs. More stocks fell than rose on the New York Stock Exchange.

Shoe retailer DSW surged 20.2% to $32.70 after reporting second-quarter results that were far stronger than analysts expected. Sales beat Wall Street forecasts, and the company raised its estimates for the rest of the year.

Tiffany also posted surprisingly strong results, and its stock rose 1% to $131.07.

Like many other retailers, DSW and Tiffany had seen their stocks slump in recent years due to growing competition from online retailers and sinking in-store sales.

Retail stocks have climbed recently as retailers improved their online businesses. DSW has risen 53% in 2018, and Tiffany has rallied 26%.

When the companies fall short of expectations, however, their stocks have plunged. That happened to Macy’s, Gap and J.C. Penney in the second quarter. And on Tuesday, Best Buy fell 5% to $77.57 after issuing a disappointing forecast for the current quarter.

Apple rose 0.8% to $219.70 as tech firms, the most valuable part of the S&P 500, did better than the rest of the market. Qualcomm advanced 3.6% to $69.78, and fellow chipmaker Xilinx rose 2.3% to $76.99.

While some experts think stocks could rally if the United States and its partners make progress on new trade deals, Paulsen said there might not be a big market reaction because it’s not clear how much trade tensions have actually harmed stocks this spring and summer.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.88% from 2.85%.

High-dividend stocks including utilities, phone companies and household goods makers lagged behind the overall market, as they did Monday.

Campbell Soup slid 2.1% to $39.83 after the New York Post reported that the company is wrapping up a strategic review and is unlikely to try to sell itself. Campbell announced the review in May. The Post reported in July that activist investor Daniel Loeb was pushing the company to sell, and if it decided not to do that, he could launch a bid for control of the company.

News and financial information company Thomson Reuters climbed 3.2% to $44.66 after it announced an offer to buy back up to $9 billion in company stock. It offered to pay between $42 and $47 a share.

Akcea Therapeutics plunged 25.3% to $24.73 and Ionis Pharmaceuticals dropped 15.9% to $45.17 after the Food and Drug Administration didn’t approve their drug Waylivra. The drug is designed to treat a rare genetic condition that can causes fatal pancreatitis.

Benchmark U.S. crude fell 0.5% to $68.53 a barrel in New York. Brent crude, used to price international oils, fell 0.3% to $76 a barrel in London.

Wholesale gasoline fell 0.5% to $2.08 a gallon. Heating oil slipped 0.2% to $2.21 a gallon. Natural gas fell 0.8% to $2.85 per 1,000 cubic feet.

Gold slipped 0.1% to $1,214.40 an ounce. Silver fell 0.6% to $14.77 an ounce. Copper rose 1% to $2.74 a pound.

The dollar rose to 111.21 yen from 111.10 yen. The euro rose to $1.1696 from $1.1680.

UPDATES:

3:40 p.m.: This article was updated with closing prices, context and analyst comment.

1:25 p.m.: This article was updated with the close of markets.

9:20 a.m.: This article was updated with market prices and context.

This article was originally published at 6:55 a.m.