Markets Right Now: Stocks end mostly lower on Wall Street
Posted Jul 16, 2018 09:41:23 AM.
Last Updated Jul 16, 2018 04:41:03 PM.
This article is more than 5 years old.
NEW YORK, N.Y. – The latest on developments in financial markets (all times local):
4 p.m.
Stocks are closing mostly lower on Wall Street as a steep drop in oil prices delivered a blow to energy companies.
Hess slumped 4 per cent Monday. Health care and technology companies also fell. Adobe Systems gave up 1.5 per cent.
Tribune Media plunged 16.7 per cent after the Federal Communications Commission said it had concerns about its deal to be acquired by Sinclair.
Major banks rose sharply, led by a 4.3 per cent surge in Bank of America after it reported strong results.
The S&P 500 index fell 2 points, or 0.1 per cent, to 2,798.
The Dow Jones Industrial Average edged up 44 points, or 0.2 per cent, to 25,064. The Nasdaq composite fell 20 points, or 0.3 per cent, to 7,805.
Bond prices fell. The yield on the 10-year Treasury rose to 2.85 per cent.
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11:45 a.m.
Energy companies are falling along with the price of crude oil, bringing U.S. stocks lower after two weeks of gains.
Chevron lost 1.5 per cent in midday trading Monday and Exxon Mobil fell 1.2 per cent.
The price of crude oil slumped almost 4 per cent on reports the U.S. will take a softer stance on countries that import oil from Iran.
Banks rose along with interest rates, and Bank of America is up 2.4 per cent after a solid second-quarter report.
The S&P 500 index rose half a point to 2,801.
The Dow Jones Industrial Average edged up 14 points, or 0.1 per cent, to 25,033. The Nasdaq composite added 11 points, or 0.2 per cent, to 7,838.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.86 per cent.
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9:35 a.m.
Stocks are opening slightly higher on Wall Street, led by banks and retailers, adding the market’s gains over the past two weeks.
Bank of America rose 1.5 per cent early Monday after reporting solid results for the second quarter, and Deutsche Bank jumped 7.4 per cent after saying its earnings in the current quarter will be stronger than expected.
Arconic, which makes aluminum products, soared 10.8 per cent after the Wall Street Journal reported that a private equity firm might buy the company.
The S&P 500 index rose half a point to 2,801.
The Dow Jones Industrial Average edged up 14 points, or 0.1 per cent, to 25,033. The Nasdaq composite added 11 points, or 0.2 per cent, to 7,838.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.86 per cent.
