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US stocks edge higher in afternoon trading; oil slumps

2017-06-10 00:05 [INVESTING] Source:Netword
Guide:U.S. Stocks moved slightly higher in late-afternoon trading Wednesday as gains in banks were partially outweighed by a slide in energy companies follow

U.S. Stocks moved slightly higher in late-afternoon trading Wednesday as gains in banks were partially outweighed by a slide in energy companies following a steep slump in crude oil prices. Investors were sizing up the latest company earnings and looking ahead to former FBI Director James Comey’s congressional testimony Thursday as part of the investigation into Russia’s possible election meddling.

KEEPING SCORE: The Standard & Poor’s 500 index rose 3 points, or 0.1 percent, to 2,432 as of 3:42 p.m. Eastern Time. The Dow Jones industrial average gained 33 points, or 0.2 percent, to 21,170. The Nasdaq composite index added 18 points, or 0.3 percent, to 6,293. The Russell 2000 index of small-company Stocks added less than 1 point, or 0.1 percent, to 1,395. The stock market is coming off a two-day losing streak that has pulled indexes below record highs set late last week.

EYE ON WASHINGTON: Comey’s testimony Thursday before the Senate intelligence committee will be his first public comments since he was abruptly ousted by President Donald Trump on May 9. The former director’s associates say Trump asked Comey if he could back off an investigation into Michael Flynn, who was fired as national security adviser because he misled the White House about his ties to Russia.

THE QUOTE: “What’s coming out of D.C. is very newsworthy, but it’s not very policy focused,” said Erik Davidson, chief investment officer for Wells Fargo Private Bank. “Even with what’s been released there hasn’t been a market impact.”

ENERGY: Oil futures fell sharply after a report showed that U.S. crude stockpiles grew 3.3 million barrels last week. Experts had expected stockpiles to shrink by 3.5 million barrels. Benchmark U.S. crude slid $2.47, or 5.1 percent, to close at $45.72 per barrel in new York. Brent crude, used to price international oils, fell $2.06, or 4.1 percent, to settle at $48.06 per barrel in London.

Wholesale gasoline shed 6 cents, or 4.1 percent, to $1.49 per gallon. Heating oil gave up 5 cents, or 3.4 percent, to $1.42 per gallon. Natural gas dipped 2 cents to $3.02 per 1,000 cubic feet.

OIL FALLOUT: The steep slide in oil prices sent several oil and gas drilling companies lower. newfield Exploration lost $2.06, or 6.6 percent, to $29. Helmerich & Payne fell $3.33, or 6.3 percent, to $49.97. Rig operator Transocean gave up 53 cents, or 5.8 percent, to $8.57.

SMOOTH RIDE: Carvana jumped 31.2 percent after the online used car seller posted its first quarterly results as a public company and issued a forecast that exceeded Wall Street’s expectations. The stock climbed $2.97 to $12.50.

BOOST FOR LENDERS: Several Financial sector Stocks headed higher, reflecting investor expectations of a possible interest rate hike next week by the Federal Reserve. Higher interest rates allow banks and credit card issuers to charge more for loans, which boosts profits. JPMorgan Chase gained $1.10, or 1.3 percent, to $84.06. American Express rose $1, or 1.3 percent, to $79.85.

BAD QUARTER: Duluth Holdings slumped 18.4 percent after the clothing and tools supplier reported disappointing earnings. The stock slid $3.78 to $16.79.

DRONE ON: Ambarella turned in better-than-expected quarterly results, but its stock sank 9.4 percent after the video compression chip maker’s guidance on sales of vision chips used by drones stoked concern among investors. The stock gave up $5.60 to $54.12.

TREASURY YIELDS: Bond prices fell. The 10-year Treasury yield held rose to 2.17 percent from 2.15 percent late Tuesday.

CURRENCY: The dollar rose to 109.82 yen from Tuesday’s 109.54 yen. The euro weakened to $1.1260 from $1.1271.

METALS: Gold slipped $4.30 to $1,293.20 per ounce. Silver lost 9 cents to $17.62 per ounce. Copper held steady at $2.55 per pound.

MARKETS OVERSEAS: London’s FTSE 100 slid 0.6 percent ahead of Thursday’s British elections. Elsewhere in Europe, traders were also looking ahead to a policy meeting of the European Central Bank on Thursday. Germany’s DAX slipped 0.1 percent, while France’s CAC 40 fell 0.1 percent.

In Asia, Tokyo’s Nikkei 225 and Sydney’s S&P-ASX 200 were unchanged. Hong Kong’s Hang Seng fell 0.2 percent. Seoul’s Kospi shed 0.4 percent.

First Published June 7, 2017 12:00 AM

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