NEW YORK — The stock market closed slightly higher on Thursday as gains for utilities and financial stocks largely were offset by losses in energy and materials companies.
Kroger jumped after reporting better-than-expected earnings that were boosted in part by lower fuel costs. Joy Global, a manufacturer of mining equipment, fell sharply after it said that the worldwide plunge in commodity prices was hurting its business.
Investors got some positive news on the global economy early in the day as the European Central Bank upgraded its growth forecast for the eurozone this year to 1.5 percent from 1 percent. ECB President Mario Draghi also said that the bank’s planned $1.1 trillion stimulus program will start March 9.
Even though gains for stocks have slowed this week, major indexes remain close to record levels after a strong surge in February.
Despite steady gains in recent years, stocks remain attractive because interest rates are still close to historic lows, while company earnings are inching higher, said Scott Keifer, a global investment specialist at JPMorgan Private Bank.
“Fundamentally, things are still good,” he said. “We think this is an environment of global growth that’s good, but not great.”
The Standard & Poor’s 500 index rose 2.51 points, or 0.1 percent, to 2,101.04. The Dow Jones industrial average gained 38.82 points, or 0.2 percent, to 18,135.72. The Nasdaq composite climbed 15.67 points, or 0.3 percent, to 4,982.81.
Pharmacyclics jumped after AbbVie said it would acquire the company for about $21 billion.
Pharmacyclics rose $23.74 to $254.22, while AbbVie’s stock fell $3.41 to $56.86.
