Markets Right Now: Energy slump pulls stock market lower - InfoNews

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Markets Right Now: Energy slump pulls stock market lower

December 06, 2017 - 1:10 PM

The latest on developments in financial markets (All times local):

4 p.m.

Stocks are closing mostly lower after an up-and-down day of trading as energy companies and retailers dragged the market lower.

A steep drop in the price of oil Wednesday pulled the energy sector lower. Devon Energy slumped 3.9 per cent. Benchmark U.S. crude fell 2.9 per cent.

Home improvement retailers did poorly. Lowe's sank 4.5 per cent and Home Depot gave back 1.1 per cent.

Several big tech companies rose. Facebook climbed 1.9 per cent and Microsoft increased 1.5 per cent.

The Standard & Poor's 500 index fell a fraction of a point to 2,629.

The Dow Jones industrial average gave back 39 points, or 0.2 per cent, to 24,140. The Nasdaq composite added 14 points, or 0.2 per cent, to 6,776.

Bond prices rose. The yield on the 10-year Treasury fell to 2.32 per cent.

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11:45 a.m.

Stocks were holding steady in midday trading on Wall Street as the market stabilized following three days of losses.

The Standard & Poor's 500 index was little changed Wednesday as gains for some technology companies were offset by losses in energy and phone companies.

Facebook and Microsoft each rose 1.6 per cent, while AT&T gave back 1.2 per cent.

Discount retailer Fred's plunged 21 per cent after suspending its dividend and saying it may sell some assets.

The Standard & Poor's 500 index was up less than a point to 2,630.

The Dow Jones industrial average rose 20 points, or 0.1 per cent, to 24,201. The Nasdaq composite added 8 points, or 0.1 per cent, to 6,771.

Bond prices rose. The yield on the 10-year Treasury fell to 2.33 per cent.

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9:35 a.m.

Stocks are opening slightly lower on Wall Street as banks back some of their recent gains and technology companies continued to struggle.

Apple fell 1 per cent in early trading Wednesday and JPMorgan Chase fell a little under 1 per cent.

Discount retailer Fred's plunged 21 per cent after suspending its dividend and saying it may sell some assets.

The Standard & Poor's 500 index fell 1 point to 2,628.

The Dow Jones industrial average slipped 3 points, less than 0.1 per cent, to 24,177. The Nasdaq composite was little changed at 6,769.

Bond prices rose. The yield on the 10-year Treasury fell to 2.3 per cent.

News from © The Associated Press, 2017
The Associated Press

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