Nasdaq notches all-time closing high as stocks end mixed

Stocks ended mixed Thursday as retailers dominated the news with Macy’s and Kohl’s both plunging following weak holiday-season reports that led the chains to cut their profit forecasts.

Still, the Nasdaq composite's modest gain of 11 points, or 0.2%, was enough to notch a new all-time high. Settling at at 5487.94, it topped the old record by half a point.

The Dow Jones industrial average finished down 43 points, a 0.2% decline to 19,899.29. Losing 0.1% was the S&P 500, which settled at 2269 even.

Macy’s (M) also said it will eliminate 10,000 jobs as it continues to close stores. Sears (SHLD) jumped after it said it will close 150 stores and sell its Craftsman tool brand. Overall, stocks were only slightly lower as gains for energy and technology companies limited the losses.

Macy's closing 68 stores; job cuts total 10,100

Macy’s and Kohl’s reported declines in a key sales measure for November and December. Macy’s said it will cut 10,000 jobs as it restructures its business, sells properties and continues to close stores. Macy’s, which has lost about half its value over the last two years, tumbled 13.9% and Kohl’s slumped 19%. Competitor Nordstrom gave up 6.9% while J.C. Penney dropped 7.2%.

Sears jumped after it said it will sell the Craftsman brand to Stanley Black & Decker for $900 million. Sears will also get a percentage of Craftsman sales over the next 15 years and it will continue to sell the products at its stores. That gives Sears another raft of cash, and its shares climbed 0.3%. Last Thursday the company’s stock rose 10% after Sears said it secured new financing that will help fund its operations.

Sears also said it will close another 150 stores. Investors rarely see that kind of announcement as a positive, but they’ve long expected such a move. Stanley Black & Decker gained 1.6%. In October the company agreed to buy Newell Brands’ tools business for $1.95 billion.

Sears closing 150 stores, selling Craftsman in attempt to survive

Investors were also focusing on upcoming U.S. jobs data following the publication of the minutes to the Federal Reserve’s last board meeting.

Private U.S. companies added 153,000 jobs in December, according to payroll processor ADP. That total was a bit lower than analysts expected and slightly slower than the pace of hiring for the rest of 2016. The government will issue its own hiring report on Friday.

Benchmark U.S. crude gained 61 cents, or 1.1%, to $53.87 a barrel in New York.

Bond prices edged higher. The yield on the 10-year Treasury note fell to 2.42% from 2.44%.

The dollar continued to slip a bit lower. It fell to 115.96 yen from 117.60 yen. The euro rose to $1.0546 from $1.0467.

The FTSE 100 index in Britain was up 0.2 percent after closing at all-time highs the last few days. The German DAX held steady and the CAC-40 in France lost less than 0.1%. Japan’s benchmark Nikkei 225 index fell 0.4% and the Kospi of South Korea edged 0.2% lower. Hong Kong’s Hang Seng index rose 1.5%.