It was a split decision on Wall Street on Thursday as gains in a handful of industrial and health care companies largely outweighed sluggishness elsewhere in the market, including the technology sector.
Sizable gains by Boeing and United Technology were enough to push the Dow Jones industrial average to another record, but other major indexes fell.
Retailers were also weak after the government said prices paid by consumers jumped in August. That could prompt the Federal Reserve to raise interest rates sooner than expected in order to cool the economy and stave off inflation. That would be bad for companies like retailers that depend on shoppers spending money.
Energy companies rose as U.S. crude oil climbed to its highest price in six weeks.
The Standard & Poor’s 500 index slid 2.75 points, or 0.1 percent, to 2,495.62. The Dow Jones industrial average rose 45.30 points, or 0.2 percent, to 22,203.48. It was the Dow’s third straight record high close.
The Nasdaq composite slumped 31.10 points, or 0.5 percent, to 6,429.08 as big names like Facebook and Alphabet, Google’s parent company, lost ground. The Russell 2000 index of smaller-company stocks fell 1.87 points, or 0.1 percent, to 1,425.02.
Urban Outfitters fell 77 cents, or 3.3 percent, to $22.77 and discount retailer Ross Stores lost 81 cents, or 1.3 percent, to $60.60. Amazon shed $7.39 to $992.21. Coca-Cola lost 38 cents to $46.11 and grocery store operator Kroger fell 47 cents, or 2.2 percent, to $21.26.
Jewelry seller Tiffany dropped $4.56, or 4.8 percent, to $90.95 after one of its biggest shareholders, Qatar’s investment fund, said it sold some of its Tiffany stock.
Boeing rose another $3.30, or 1.4 percent, to $245.23. Wednesday afternoon, CEO Dennis Muilenburg said the company expects to start delivering more planes. The stock rose 0.6 percent a day ago. Other industrial companies also climbed. United Technologies gained $2.86, or 2.6 percent, to $113.14.
Benchmark U.S. crude oil rose 59 cents, or 1.2 percent, to $49.89 a barrel. That was its highest closing price since the end of July. Brent crude, used to price international oils, gained 31 cents to $55.47 barrel in London.
The Bank of England kept its key interest rate at a record low but indicated that it could start raising rates sooner than markets have been expecting. That sent the pound higher and British stocks lower. A stronger pound would hurt the earnings of British companies that do a lot of business overseas.
Britain’s FTSE 100 fell 1.1 percent while the French CAC 40 rose 0.1 percent and Germany’s DAX fell 0.1 percent.
Investors in Asia were disappointed after China’s National Bureau of Statistics said the world’s second-largest economy grew at a slower pace in August. The Japanese Nikkei 225 fell 0.3 percent and Hong Kong’s Hang Seng index fell 0.4 percent. The Kospi in South Korea gained 0.7 percent.
Bond prices edged lower. The yield on the 10-year Treasury note rose to 2.20 percent from 2.19 percent. The yield on the 2-year note rose to 1.37 percent from 1.35 percent.
In other energy trading, wholesale gasoline fell 2 cents to $1.63 a gallon. Heating oil added 1 cent to $1.78 a gallon. Natural gas rose 1 cent to $3.07 per 1,000 cubic feet.