December 13, 2017
Monday, October 27, 2014

Wall Street flat after last week's big gain; energy weighs

US stocks ended near flat today, pausing after the S&P 500's biggest weekly gain since January 2013, while energy shares fell with another decline in oil prices.

Among the day's biggest positives, shares of Gilead Sciences rose 1.7 percent to $112.59, a day ahead of its scheduled earnings release. Micron Technology shares jumped 4 percent to $32.30 and was the largest percentage gainer on both the S&P 500 and Nasdaq 100 after it announced a $1 billion stock repurchase.

But energy shares were by far the day's biggest drag, with the S&P 500 energy index falling 2 percent. U.S. crude oil briefly traded below $80 a barrel after Goldman Sachs slashed its crude price forecasts, citing abundant supply and lackluster demand.

The S&P 500 ended the day down slightly after closing out its best week since early January 2013, a sharp recovery from the market's recent selloff. The index is now up 5.3 percent from its Oct. 15 low.

The Dow Jones industrial average rose 12.53 points, or 0.07 percent, to 16,817.94, the S&P 500 lost 2.95 points, or 0.15 percent, to 1,961.63 and the Nasdaq Composite added 2.22 points, or 0.05 percent, to 4,485.93.


European stocks fell as investors booked recent gains after the European Central Bank review of the region's banks and a German business sentiment index dropped to its lowest in almost two years.

Most euro zone banking stocks ended the session in negative territory, trimming lofty gains made in the run-up to the results of the ECB review.

Among the few gainers, shares in Austria's Erste Group Bank added 3.5 percent and Raiffeisen Bank International rose 2.1 percent. Both banks passed the tests.

Overall, the STOXX euro zone bank index fell 2.3 percent, after surging 14 percent since mid-October.

Spain's BBVA, France's Societe Generale and Germany's Deutsche Bank - which all passed the tests - ended the session down 1.5 to 2.8 percent.

Among the banks that failed the tests, Italy's Monte dei Paschi tumbled 21.5 percent after the ECB review found it had the biggest capital hole to fill among European banks.

Overall, the results of the tests were considered positive by traders and fund managers.

The FTSEurofirst 300 index of top European shares ended 0.6 percent lower at 1,305.03 points. The index chalked up gains of 2.5 percent last week, recording its best weekly gain since December 2013 - a rebound that came after a month-long correction.


Meanwhile, Japanese stocks rose today to a 2-1/2 week high as upbeat US data and a weaker yen lifted sentiment in the overall market, but volume was thin as investors awaited the outcome of a two-day US Federal Reserve policy meeting this week.

The Nikkei share index ended 0.6 percent higher at 15,388.72, the highest closing level since October 9. But only a total of 1.81 billion shares changed hands on the broader Topix, the lowest since September 8.

The Topix added 1.0 percent to 1,254.28, while the JPX-Nikkei Index 400 gained 0.9 percent to 11,415.63. Tokyo Electric Power Co (Tepco) soared 17 percent after the Nikkei reported that it will likely post a pre-tax profit of 125 billion yen for the year through March, up from 43.2 billion yen last fiscal year.

Tepco was the third-most traded stock by turnover, with 148 million shares changing hands, about 20 times more than last week's average daily volume.

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Tags:  Stocks  shares  FTSEurofirst  Nikkei  US  Dow Jones  

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