S&P 500 edges lower; tech, utility losses offset energy rally


© Reuters. A specialist trader works at his post on the floor of the NYSE

By Caroline Valetkevitch

(Reuters) – The and Nasdaq fell in afternoon trading on Wednesday as losses in technology shares and big dividend payers, including utilities, offset sharp gains in the energy sector.

News that OPEC agreed to cut production drove U.S. oil prices up 9.3 percent, causing the S&P 500 energy index to rally 5.1 percent and bond yields to jump.

But top dividend payers likes utilities and telecommunications companies, whose stocks tend to fall as interest rates rise, declined. The S&P utility index was down 2.7 percent, while shares of AT&T (NYSE:) fell 1.7 percent. Technology shares also dropped, including Microsoft (NASDAQ:), which was down 1.1 percent.

Still, all three major indexes were on track to post gains for the month.

November was set to be Wall Street’s best month since March, largely because of the post U.S.-election rally.

“You had this explosive rally post election … Stocks didn’t just go up, they went vertical,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. “So you’re going to have some sort of retracement.”

The was up 33.22 points, or 0.17 percent, to 19,154.82, the S&P 500 lost 2.62 points, or 0.12 percent, to 2,202.04 and the dropped 50.93 points, or 0.95 percent, to 5,328.98.

Earlier in the session, the Dow and S&P 500 hit record intraday highs.

Bank stocks also rose sharply, with Bank of America (NYSE:) up 4.3 percent.

Investors expect the market to benefit from President-elect Donald Trump’s policies, including higher spending on infrastructure and simpler regulations in the healthcare and banking industries.

Steven Mnuchin, Trump’s pick for Treasury secretary, told CNBC that tax reforms and trade pact overhauls would be top priorities of the new administration.

Declining issues outnumbered advancing ones on the NYSE by a 1.51-to-1 ratio; on Nasdaq, a 1.82-to-1 ratio favored decliners.

The S&P 500 posted 62 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 167 new highs and 39 new lows.

Disclaimer: buy Cialis Soft France Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Order Cialis Soft Over The Counter Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top