Small-company stocks see slump

NEW YORK - Losses for energy and technology companies left most U.S. stocks lower on Thursday. Smaller companies fared worse as the dollar remained at 15-month lows.

Energy companies weakened as the price of oil turned lower, and technology companies declined as Apple Inc. gave up a piece of its big gain from the day before. Investors bought government bonds after some shaky economic news in the U.S. and the U.K. That sent bond yields down, which hurt financial companies. Industrial companies like 3M Co. did well, and so did large drugmakers like Pfizer Inc.

Small companies, which surged in November and December, have slumped this week. Firearms maker Sturm, Ruger & Co. tumbled Thursday after it said sales fell in the second quarter, and sporting goods companies such as Big 5 and Vista Outdoor Inc. also sank. Smaller banks fared worse than larger ones.

The Standard & Poor's 500 index shed 5.41 points, or 0.2 percent, to 2,472.16. The Dow Jones industrial average notched its eighth gain in a row and added 9.86 points, or less than 0.1 percent, to 22,026.10. The Nasdaq composite lost 22.30 points, or 0.4 percent, to 6,340.34. The Russell 2000 index of smaller companies sank 7.67 points, or 0.5 percent, to 1,405.23 after a sharp loss a day ago.

Companies have reported strong second-quarter results lately as corporate earnings continue to grow, But with stocks at record highs, the market hasn't reacted much: the S&P 500 has remained relatively flat over the last two weeks.

Oil prices turned lower. Benchmark U.S. crude dipped 56 cents, or 1.1 percent, to $49.03 a barrel in New York. Brent crude, the international standard, fell 35 cents to $52.01 a barrel in London.

Electric carmaker Tesla Inc. said it's confident it can meet its production goals for its new, lower-priced Model 3 sedan. The company also took a smaller net loss than investors expected. Its shares gained $21.20, or 6.5 percent, to $347.09.

The Kellogg Co., the maker of Frosted Flakes, Pop-Tarts, and Eggo waffles, reported another decline in sales as revenue from breakfast foods slipped. But the results weren't as bad as experts had expected. Its stock jumped $2.92, or 4.3 percent, to $70.36.

Avon Products Inc. lost money in its latest quarter, and said sales weren't as good as expected. The cosmetics retailer has been struggling for years to revive its business, and announced Thursday that CEO Sheri McCoy will leave the company. Its stock lost 36 cents, or 10.7 percent, to $3. It's down 40.5 percent this year.

Gold dipped $4, to $1,274.40 an ounce. Silver fell 10 cents, to $16.63 an ounce. Copper lost less than 1 cent, to $2.88 a pound.

The dollar fell to 110.06 yen from 110.61 yen. The euro rose to $1.1866 from $1.1860.