December 15, 2017
Thursday, September 11, 2014

S&P 500 rebounds with energy shares; Dow dips

Traders work on the floor of the New York Stock Exchange.
Traders work on the floor of the New York Stock Exchange.
Traders work on the floor of the New York Stock Exchange.

US stocks recovered from early losses today, with the S&P 500 managing a slight gain as energy prices and oil stocks turned higher and financials lent support.

The S&P energy index rose 0.1 percent, after trading down more than 1 percent earlier. Shares of Exxon Mobil, which had been down for much of the session, closed up 0.2 percent.

US crude oil futures ended up 1.3 percent, while Brent was flat. US crude prices have lost roughly 3 percent so far this month while the S&P energy index is down 3.8 percent.

Weighing on the market earlier was data showing jobless claims unexpectedly rose, the second discouraging read on the labour market within a week.

The day's pause comes as investors debate whether equities have enough catalysts to push prices further upward, or whether a long-overdue correction may be around the corner.

The S&P 500 had closed at a record high Friday and the index is up 8.1 percent for the year so far.

Financials also helped lift the market, with JPMorgan Chase , up 0.9 percent, and Bank of America up 1.3 percent, among the biggest positives for the S&P 500.

The Dow Jones industrial average fell 19.71 points, or 0.12 percent, to 17,049, the S&P 500 gained 1.76 points, or 0.09 percent, to 1,997.45 and the Nasdaq Composite added 5.28 points, or 0.12 percent, to 4,591.81.

The largest percentage gainer on the New York Stock Exchange was Vail Resorts, which rose 11.70 percent. The largest percentage decliner was Brady, down 7.68 percent.

Among the most active stocks on the NYSE were Bank of America; AK Steel, up 3.30 percent at $9.38; and Sprint , up 6.83 percent to $6.57.

On the Nasdaq, Apple, up 0.4 percent to $101.43; Facebook, up 0.6 percent to $77.92; and JDS Uniphase , up 10.3 percent to $13.36, were among the most actively traded.

Advancing issues outnumbered declining ones on the NYSE by 1,720 to 1,324, for a 1.30-to-1 ratio on the upside; on the Nasdaq, 1,576 issues rose and 1,110 fell for a 1.42-to-1 ratio favoring advancers.

The broad S&P 500 index posted 16 new 52-week highs and two new lows; the Nasdaq Composite recorded 70 new highs and 43 new lows.

European shares closed near a one-week low after a report showed US jobless claims rose last week, with mining stocks slipping amid concern about China's economic growth.

The STOXX Europe 600 Basic Resources index fell 0.3 percent on data showing China's consumer inflation slowed more than expected in August, suggesting the economy is losing momentum.

The FTSEurofirst 300 index ended 0.1 percent lower at 1,383.94 points, having fallen as far as 1,377.49, the lowest level in a week, after data showed the number of Americans filing new claims for unemployment benefits unexpectedly rose last week.

Investors are trying to gauge the strength of the US economy before the Federal Reserve meets next week, looking for clues on the timing of the first US interest rate increase in more than eight years.

Meanwhile, Japan's Nikkei share average rose to an eight-month high as the weak yen lifted sentiment and a meeting between the central bank governor and prime minister boosted expectations of additional easing in the long-term.

The Nikkei climbed 0.8 percent to 15,909.20, the highest closing level since Jan. 10. The broader Topix hit a six-year high, rising 0.3 percent to 1,311.24.

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Tags:  US  stock market  Europe  Nikkei  

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Edition No. 5055 - This publication is a property of NEFIR S.A. -RNPI Nº 5343955 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA - Director Perdiodístico: Ricardo Daloia