(Corrects bullet point and paragraph 16 to show that shares of
Bed Bath & Beyond fell, not that they hit a record low)
* Healthcare stocks among laggards
* Nasdaq on track to post weekly gains
* Bed Bath & Beyond shares fall
* Indexes up: Dow 0.07 pct, S&P 0.19 pct, Nasdaq 0.22 pct
By Sruthi Shankar
June 23 (Reuters) – The S&P 500 and the Nasdaq Composite
were higher in late morning trading on Friday as technology
shares rose and oil prices rebounded from multi-month lows.
The Dow Jones Industrial Average was little changed, weighed
by a drop in Home Depot and UnitedHealth.
Oil prices rose about 1 percent, edging up from 10-month
lows touched earlier this week but remained on course for its
biggest first-half decline in almost two decades as production
cuts have failed to reduce oversupply.
At current levels, the S&P 500 energy index, down 15
percent so far this year, is on track to post its worst weekly
decline in about 18 months.
Apple, Microsoft and Visa rose between 0.5
percent and 1.5 percent, and provided the biggest boost to the
S&P and the Nasdaq.
At 10:48 a.m. ET, the Dow Jones Industrial Average index
was up 14.09 points, or 0.07 percent, at 21,411.38, and
the S&P 500 was up 4.55 points, or 0.19 percent, at
The Nasdaq Composite index was up 13.53 points, or
0.22 percent, at 6,250.21.
The index is on track to post its first weekly gain after
two weeks of declines following a drop in richly-valued tech
Among the laggards was the healthcare index, down
0.33 percent and the top decliner among the S&P subsectors.
Health stocks rallied on Thursday after Senate Republicans
unveiled legislation that would replace Obamacare.
However, the bill drew skepticism from the Democrats, who
attacked the legislation as a callous giveaway to the rich that
would leave millions without coverage.
“The market is banking a lot of its future on the Trump
trade. So when we see progress, the markets react positively to
it,” said Ken Moraif, senior adviser at Money Matters, a wealth
management and investment firm.
Helping boost sentiment was positive economic data.
New U.S. single-family home sales rose in May and the median
sales price surged to an all-time high, suggesting that the
housing market had regained momentum.
Among stocks, Blackberry’s U.S.-listed shares were
down 11.8 percent after the company’s quarterly sales missed
Bed Bath & Beyond shares fell as the company
reported a bigger-than-expected fall in same-store sales in the
A Deutsche Bank upgrade on steel companies, including US
Steel and AK Steel, pushed up their shares about 4
Advancing issues outnumbered decliners on the NYSE by 1,901
to 765. On the Nasdaq, 1,719 issues rose and 874 fell.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj