Business

Wall Street steady after record highs

NYSE trader Image copyright Reuters

US markets closed flat after quarterly earnings from travel websites Tripadvisor and Priceline disappointed.

Those results weighed on the Nasdaq, but the Dow and the S&P 500 held steady after hitting record highs in the previous session.

The Dow Jones rose 8.8 points, or 0.04% to 23,557, while the broader S&P 500 slipped less than 1 point to 2,590.6.

The Nasdaq fell 18.66 points or 0.27% to 6,767.78.

A report that Canada's Brookfield Asset Management is looking to take private shopping mall property-owner GGP boosted property firm stocks.

Cruise lines also got a boost after Royal Caribbean Cruises said lower fuel costs helped to boost profits, which hit a record $752.8m in the quarter, up 9%.

The gain came despite more than $55m in losses stemming from disruption caused by the major hurricanes that struck in Texas, Florida and the Caribbean earlier this year.

Royal Caribbean shares increased by more than 3%. Optimism also lifted shares of rival cruise line Carnival Corp about 1%.

However, other travel companies did not fare so well.

Shares in Tripadvisor plunged nearly 19% a day after the booking and review website said hotel revenue had fallen 3% year-on-year, hurting profits.

Priceline also fell more than 13% after it said profit growth would be softer than in previous quarters.

The company said it faces tough year-on-year comparisons, but did not think there were broader structural reasons for the downshift.