US stock indexes are steady in slow pre-holiday trading

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This month Trump also criticized Boeing for the cost of the next Air Force One. The presidential jet is far less significant for Boeing than the F-35 is for Lockheed, however.

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THE QUOTE: “This is a negotiating tactic,” said Josh Sullivan, a Seaport Global analyst who covers aerospace and defence companies. “You’re seeing the negative portion of the negotiation in public where privately they may be more constructive.”

Sullivan said Trump’s tweets are a new type of bad publicity for defence companies, but even if the President-elect periodically criticizes the companies in public, investors are still optimistic about their prospects. If Trump builds up the U.S. nuclear arsenal, as he proposed doing in a tweet Thursday, that would also involve more military spending.

“Ultimately (Trump) ran on a strong defence spending platform,” he said. Defence stocks have done better than the rest of the market overall since the election.

TRUMP UNCERTAINTY: So far, investor optimism that Trump’s spending proposals could boost economic growth is outweighing any concerns about his brash style and Twitter pronouncements, which have moved company stocks at times. That may change when he’s in office and can more easily back up his comments with policy shifts.

OUT OF UNIFORM: Cintas, a uniform rental company, slipped after its second-quarter profit fell short of Wall Street’s forecasts. Analysts said its first-aid business, which sells products like first-aid kits, eyewash stations and emergency cabinets, had a disappointing quarter. The stock lost $3.83, or 3.2 per cent, to $116.26.

BANK PROBES: Deutsche Bank agreed to pay the U.S. government $7.2 billion and Credit Suisse will pay $5.3 billion to settle civil claims over mortgage-backed securities they sold. The companies’ deal with the Justice Department isn’t final, but it includes both a fine and compensation for borrowers. Deutsche Bank rose 9 cents to $18.63 and Credit Suisse lost 9 cents to $14.84.

RETAIL SLIPPING: Retailers continued their recent slump. Online giant Amazon fell $5.54 to $760.80 and Ralph Lauren retreated $1.35, or 1.5 per cent, to $89.38. Bed Bath & Beyond, which dropped 9 per cent Thursday after it reported weak quarterly results, lost another 85 cents, or 2.1 per cent, to $40.53.

ENERGY: Benchmark U.S. crude added 7 cents to close at $53.02 a barrel in New York. Brent crude, the international standard, rose 11 cents to close at $55.16 a barrel in London.

Energy companies traded lower. They are on track for their first weekly losses since the beginning of November. The S&P 500 index of energy companies jumped 13 per cent over the previous six weeks, partly because major groups of oil-producing countries agreed to reduce production next year. That will support oil prices and energy company profits.

HEALTH CARE STOCKS HEALING: Drug companies made small gains on Friday. Botox maker Allergan rose $4.39, or 2.3 per cent, to $198.38. Bristol-Myers Squibb picked up 69 cents, or 1.2 per cent, to $59.45 and health insurer Aetna added $1.03 to $125.72.

CURRENCY: The dollar slid to 117.22 yen from 117.60 yen. The euro rose to $1.0450 from $1.0433.

BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.54 per cent from 2.55 per cent.

METALS: The price of gold rose $2.90 to $1,133.60 an ounce. Silver lost 11 cents to $15.76 an ounce. Copper gave up 2 cents to $2.48 a pound.

OTHER ENERGY TRADING: Natural gas prices continued to climb as investors anticipated that colder weather will lead to more demand for home heating. Natural gas futures rose 12 cents, or 3.5 per cent, to $3.66 per 1,000 cubic feet. Wholesale gasoline added 2 cents to $1.63 a gallon and heating oil stood still at $2.48 a gallon.

ASIA’S DAY: Britain’s FTSE 100 and the CAC-40 in France both rose 0.1 per cent. In Germany, the DAX lost 0.1 per cent. The Hang Seng of Hong Kong retreated 0.3 per cent and the Kospi in South Korea finished slightly lower. Japanese markets were closed for a holiday.

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AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at http://bigstory.ap.org/journalist/marley-jay

Marley Jay, The Associated Press