Monday, November 28, 2022

US stocks drift lower in morning trading; oil price slips

By on December 29, 2016

FILE - In this Wednesday, Oct. 8, 2014, file photo, American flags fly in front of the New York Stock Exchange. European shares rose on Monday, May 2, 2016, despite a poor start for the week in Asia, where the Tokyo benchmark fell more than 3 percent as investors registered their disappointment over the lack of new stimulus from Japan's central bank. (AP Photo/Mark Lennihan, File)

American flags fly in front of the New York Stock Exchange. (AP Photo/Mark Lennihan, File)

BY ALEX VEIGA
AP Business Writer

Banks led U.S. stocks slightly lower in morning trading Thursday as the market gave back small gains from earlier in the day. Utilities and real estate stocks were among the biggest gainers. Crude oil prices were headed lower. Trading was light ahead of the New Year’s Day holiday.

KEEPING SCORE: The Dow Jones industrial average fell 7 points, or 0.04 percent, to 19,826 as of 11:24 a.m. Eastern time. The Standard & Poor’s 500 index slipped 1 point, or 0.1 percent, to 2,248. The Nasdaq composite lost 12 points, or 0.2 percent, to 5,426. Small-company stocks bucked the trend and moved slightly higher. The Russell 2000 edged up 1 point, or 0.1 percent, to 1,362. More stocks rose than fell on the New York Stock Exchange.

BIG GAINER: Newmont Mining climbed 6.7 percent, the biggest gainer in the S&P 500 index. The stock added $2.19 to $34.97.

CHIPS ARE DOWN: Nvidia slumped $4.52, or 4.1 percent, to $104.73, on pace for the steepest loss in the S&P 500 index. The chipmaker’s stock has tripled this year.

FINANCIAL LIFELINE: Sears rose 4.2 percent after the struggling retailer said it obtained a letter of credit that the company can use to fund its operations. The stock gained 34 cents to $8.52.

UNEMPLOYMENT WATCH: The Labor Department said fewer Americans applied for unemployment benefits last week, continuing a nearly two-year trend that suggests a solid job market. Weekly requests for jobless aid fell 10,000 to a seasonally adjusted 265,000. Over the past year, the number of people collecting benefits has fallen almost 5 percent to 2.1 million.

MARKETS OVERSEAS: Germany’s DAX was down 0.3 percent, while France’s CAC 40 was 0.4 percent lower. Britain’s FTSE 100, which ended the previous session at a record close, was down 0.1 percent. Earlier in Asia, Japan’s benchmark Nikkei 225 slipped 1.3 percent, while South Korea’s Kospi inched up 0.1 percent. Hong Kong’s Hang Seng rose 0.2 percent.

ENERGY: Benchmark U.S. crude was down 24 cents at $53.83 a barrel in New York. Brent crude, used to price international oils, was up 19 cents to $57.15 a barrel in London.

BONDS AND CURRENCIES: Bond prices rose. The yield on the 10-year Treasury note fell to 2.49 percent from 2.51 percent late Wednesday. In currency trading, the dollar fell to 116.38 yen from 117.19 yen late Wednesday. The euro fell to $1.0482 from $1.0407.

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