U.S. stocks are mostly higher Monday morning as retailers and clothing companies rise while banks slip along with interest rates. Technology companies continue to recover after a steep skid that lasted about a month. Stock indexes closed at record highs Friday and are adding to their gains.
KEEPING SCORE: The Standard & Poor’s 500 index added 1 point, or 0.1 percent, to 2,461 as of 10:05 a.m. Eastern time. The Dow Jones industrial average picked up 2 points to 21,640. The Nasdaq composite rose 17 points, or 0.3 percent, to 6,329, which put the index on pace for an all-time high. The Russell 2000 index of smaller-company stocks edged up 1 point, or 0.1 percent, to 1,429.
Stocks climbed last week and reached all-time highs after a weak retail sales report gave investors more hope that the Federal Reserve will be cautious about raising interest rates. The S&P 500, Dow and Russell indexes all closed at record highs and the Nasdaq has regained the losses it sustained when technology companies went into a slump in early June.
BLACKROCK ROCKED: Investment firm BlackRock dipped after it reported weaker-than-expected results in the second quarter. The company’s net income and revenue both fell short of Wall Street forecasts, and its stock declined $11.39, or 2.6 percent, to $426.95.
LOST IN THE MAIL: FedEx said customers are still experiencing “widespread service and invoicing delays” after its TNT Express business was hit by a cyberattack in late June. FedEx said it does not know when its services will back up to speed, and the problems are likely to have a significant effect on its results this year because TNT shipping volumes are down, and the company faces greater costs related to its response to the problem. FedEx added that it does not have insurance related to cyberattacks.
The company’s stock fell $5.47, or 2.5 percent, to $213.59.
CHARMIN MAKER SQUEEZED: Activist investor Nelson Peltz is attempting to secure a seat on the board at consumer products…