Stocks closed mostly lower Tuesday, as downbeat economic reports from Main Street concerning consumer confidence and existing-home sales competed with growing optimism on Wall Street that the Federal Reserve might cut interest rates again in October.
The dollar sank to fresh lows against the euro, reflecting a widespread forecast of weaker U.S. economic growth and lower short-term interest rates.
The Dow Jones industrial average rose 19.59, to 13,778.65. Chicago-based Boeing, a Dow component, accounted for nearly all of the gain.
Broader market indexes were narrowly mixed. The Standard & Poor’s 500 index slipped 0.52, to 1517.21. The Nasdaq composite index added 15.50, to 2683.45. The Russell 2000 index of small-company stocks lost 2.80, to 803.00.
Stocks close to the consumer continued to suffer in the wake of last week’s cut in short-term interest rates by the Federal Reserve. Retail sales at the nation’s malls could be up just 2 percent in September, according to a weekly survey by the International Council of Shopping Centers and UBS Securities.
Among stocks in the news, retailer Target dropped $2.95, to $61.35, after the company forecast disappointing September sales. Home center Lowe’s fell $2.04, to $28.51, after issuing a downbeat outlook late Monday. Rival Home Depot dropped 80 cents, to $33.08.
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Multinational companies that stand to benefit from the cheap dollar, including Boeing, were among the day’s winners. Technology stocks continued their recent rally, led by gains in Apple. Apple gained $4.90, to $153.18. Microsoft, Research in Motion and Cisco Systems posted solid gains.
New York Stock Exchange trading volume reached 1.33 billion shares. Losers outnumbered winners by a 3-2 ratio among NYSE-listed stocks. Nasdaq trading volume totaled 1.87 billion, as losers topped winners by a 5-4 ratio.
Crude oil futures dropped, as Gulf of Mexico production resumed after recent storms and analysts sensed weaker economic growth ahead. Oil for November delivery dropped $1.42 a barrel, to $79.53.
Treasury securities ended mostly higher, reflecting the weak reports on consumer confidence and existing-home sales. The Treasury will auction $18 billion of 2-year notes Wednesday.