The Dow rose for the fifth straight session to close at a record high. But as Fred Katayama reports, consumer stocks pulled down the S&P 500 and Nasdaq.
Wall Street ends mixed Thursday. Boeing helped lift the Dow to another record closing high. But inflation data pulled down consumer cyclical stocks that dragged down the S&P 500 and Nasdaq. Kevin Kelly of Kelly & Company: SOUNDBITE: KEVIN KELLY, MANAGING PARTNER, KELLY & COMPANY, (ENGLISH) SAYING: "There's a lot of macro concerns people are focussed on, and it's really hampering them from putting new money to work. Their portfolios have done well this year, so they don't have any reason to sell. So bonds have done well. Gold has done well as well as stocks, so everyone's kind of in this waiting period until we get the earnings season coming out." Equifax shares dropped further. The Federal Trade Commission opened an investigation into its massive data breach. Hertz Global shares sank. Morgan Stanley downgraded the stock of the car rental company to "underweight" from "equal weight" in the wake of two recent hurricanes. That's the same rating it gives Avis Budget, which also fell. Tiffany shares fell after the Qatar Investment Authority cut its stake in the luxury retailer of jewelry. In economics news, consumer prices rose more than expected in August. That raised the odds of another interest rate hike this year. In Europe, markets were flat as gains in oil and banking stocks offset a fall in chipmakers and miners. Materials dragged down the FTSE.