Banks push U.S. indexes higher

Financial companies led U.S. stock indexes higher Thursday, nudging the Nasdaq composite index to a record high.

The latest gains came as the stock market continued to trade mostly in a narrow range in the absence of major new economic data and ahead of next week's meeting of Federal Reserve policymakers.

Speculation that the Fed will raise interest rates helped boost financial stocks for the second day in a row. Higher interest rates allow banks and credit-card issuers to charge more for loans, which boosts profits.

Utilities and consumer-goods companies were among the biggest decliners. Energy stocks also fell as crude oil prices declined.

The Standard & Poor's 500 index gained 0.65 points, or 0.03 percent, to 2,433.79. The Dow Jones industrial average rose 8.84 points, or 0.04 percent, to 21,182.53. Both indexes remain slightly below their record highs set last Friday.

The Nasdaq added 24.38 points, or 0.4 percent, to 6,321.76. Small-company stocks fared better than the rest of the market. The Russell 2000 index climbed 18.94 points, or 1.4 percent, to 1,415.61.

Several companies that reported improved earnings or outlooks also traded higher.

Verint Systems rose 3.2 percent after the maker of software for analyzing intercepted communications had a strong first quarter. The stock added $1.35, rising to $43.45.

Investors cheered Alibaba Group Holding's latest revenue forecast. Shares in the Chinese e-commerce company gained $16.70, or 13.3 percent, to $142.34.

Urban Outfitters slid 10.3 percent after the retailer said sales at older stores were running lower than expected this month. That followed weak sales in May. The stock shed $1.88 to $16.35.

Benchmark U.S. crude wavered for much of the day before sliding 8 cents to settle at $45.64 a barrel in New York. Brent crude, used to price international oils, fell 20 cents to close at $47.86 per barrel in London. Wholesale gasoline held steady at $1.49 per gallon. Heating oil rose 1 cent to $1.42 per gallon. Natural gas added 1 cent to $3.03 per 1,000 cubic feet.

The dollar rose to 109.94 yen from Wednesday's 109.83 yen. The euro weakened to $1.1222 from $1.1252.

In metals trading, gold fell $13.70, or 1.1 percent, to $1,279.50 per ounce. Silver lost 21 cents, or 1.2 percent, to $17.41 per ounce. Copper gained 6 cents, or 2.3 percent, to $2.61 per pound.