NEW YORK — U.S. stocks closed mixed Thursday as technology companies took their worst loss in six weeks, but energy companies rose with oil prices. A four-day winning streak for the S&P 500 index ended.
Energy companies rallied as the price of U.S. crude oil rose almost 2 percent. Smaller companies fell. Like technology companies, they’ve done far better than the rest of the market in the last few weeks. Some stocks that have struggled lately, including utilities, finished with gains.
Household goods makers also broke from their recent losses to finish higher. J.M. Smucker dropped after issuing a weak quarterly report and a disappointing forecast for the year. Bond prices climbed and yields dipped.
Quincy Krosby, the chief market strategist at Prudential Financial, said investors were playing it safe as they wait for leaders of the Group of Seven to meet Friday and Saturday, and for European Central Bank and Federal Reserve meetings next week.
“This G-7 meeting does not follow the historical template,” she said. “The market is concerned about tariffs, negative trade dialogue coming from that meeting.”
Still, Krosby said it’s a good sign that investors were willing to take some of their winnings from the technology sector and put it into other parts of the market.
The S&P 500 index lost 1.98 points, or 0.1 percent, to 2,770.37. The Dow Jones industrial average picked up 95.02 points, or 0.4 percent, to 25,241.41, helped by big gains for McDonald’s and Chevron.
The Nasdaq composite slumped 54.17 points, or 0.7 percent, to 7,635.07. The Russell 2000 index of small-company stocks slid 8.17 points, or 0.5 percent, to 1,667.77. Both of those indexes set all-time highs the last few days.
More stocks rose than fell on the New York Stock Exchange.
Benchmark U.S. crude rose 1.9 percent to $65.95 per barrel in New York. Brent crude, used to price international oils, gained 2.6 percent to $77.32 per barrel in London.
Chevron jumped 2.9 percent to $126.96 and Exxon Mobil rose 1 percent to $82.88.
Commerce Secretary Wilbur Ross said the U.S. government has reached a deal with Chinese telecommunications giant ZTE that includes a $1 billion fine, monitoring and leadership changes. ZTE has already paid about $1 billion for selling equipment to North Korea and Iran in violation of U.S. sanctions. In April the department blocked ZTE from importing any U.S. components for seven years, which threatened to put the company out of business.
The Wall Street Journal said that with the ZTE matter settled, China’s government will likely approve a deal for Qualcomm to buy NXP Semiconductors. Qualcomm added 1.3 percent to $60.64 and NXP rose 4.8 percent to $120.07.
