Markets Right Now: Stocks closing lower on Wall Street

The three main United States stock indexes reached new record highs by the end of the trading on Thursday.

"Once we saw inventories this morning, that certainly moved energy far lower and dragged nearly everything else down", said Tim Dreiling, regional investment director for The Private Client Reserve of US Bank. Macy's jumped 17.1 per cent, while fellow retailer Kohl's surged 16.2 per cent after reporting better-than-expected earnings.

A stronger jobs recovery has also benefited consumer spending, which was responsible for the bulk of United States economic growth in the second quarter. The retailers' earnings fueled optimism for the USA government's latest monthly tally of retail sales Friday. The retailers' earnings fueled optimism for the US government's latest monthly tally of retail sales Friday.

Brent crude oil was lower during Asian and early European trading hours on Wednesday, depressing shares of energy companies. The stock lost 43 cents to $3.30. Its shares slid 15 cents to $10.04.

SCORCHED: Traders sought shade from SunPower after the solar products and service company tumbled 30.6 percent. The stock lost $4.44 to $10.34. Michael Kors sank to 2.8% to $48.71 after a forecast of weaker sales for the current quarter which led them to lower their outlook for sales in their respective stores. Energy stocks were the biggest gainers and as a sector finished up 1.3%.

GOOD REVIEW: Yelp jumped 12.1% after the online business review portal reported strong quarterly results. The stock added 4.19 dollars (£3.22) to 36.83 dollars (£28.33).

Industrial stocks climbed 0.6% on gains in all 14 sub-sectors. The Nasdaq composite index gained 0.5 percent to 5,228.40, up 0.1 percent from its previous high. The Nasdaq composite rose 25 points or 0.5 percent to 5,230.

A stock market rally since late June has pushed the S&P 500 index up 7.0 per cent in 2016, helped by better-than-expected quarterly earnings and low interest rates, but some investors are anxious about high valuations. Australia's S&P ASX 200 fell 0.2 percent to 5,543.70. Stocks in Taiwan and Singapore also were higher, but markets in China, Indonesia and New Zealand declined.

OIL: A bigger-than-expected increase in USA oil stockpiles last week weighed on the price of crude, reversing an early gain.

West Texas Intermediate crude lost another 0.6 percent to $41.46 a barrel, after sinking 2.5 percent on Wednesday, the most since August 1.

Oil prices fell 1.6 percent in choppy trading after the USA government reported a surprise crude stockpile build. Fossil added $1.48, or 4.9 percent, to $31.84, while Ralph Lauren gained $7.43, or 7.8 percent, to $102.50. Bond prices are rising and the yield on the 10-year Treasury note fell to 1.50 percent. On the Nasdaq, 1,861 issues rose and 858 fell.

The Kiwi was up 1.1 percent to 72.87 US cents, after reaching as high as 73.41 USA cents, its strongest level since May 2015.

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