US indexes inched higher Friday as energy stocks clawed back some of their sharp losses from earlier in the week.
USA stock indexes nudged higher today after energy companies clawed back some of their sharp losses from earlier in the week.
KEEPING SCORE: The S&P 500 added 4 points, or 0.2 percent, to 2,439, as of 11:30 a.m.
The Dow Jones industrial average fell 12.74 points, or 0.06 percent, to close at 21,397.29, with Goldman Sachs leading decliners and Merck the best performer. On Wednesday, oil hit its lowest level since August as investors remained concerned about a supply glut in the market. Brent crude, the worldwide standard, added 77 cents, or 1.7 percent, to $45.59.
USA stock indexes edged higher in morning trading Thursday after the price of oil stabilized, at least for now.
An afternoon recap of the day's most important business news, delivered weekdays.
In European stock markets, France's CAC 40 fell 0.3 percent, Germany's DAX lost 0.5 percent and the FTSE 100 slipped 0.2 percent.
The Russell 2000 is up 47.41 points, or 3.5 percent.
The tech-heavy index rose 0.7% on Wednesday as biotech shares surged more than 4%, after the New York Times reported that President Donald Trump has drafted an executive order (http://www.marketwatch.com/story/drug-stocks-surge-on-report-that-president-trump-plans-to-ease-industry-regulations-2017-06-21-139139) that would ease drug industry regulations.
Royal Ascot 2017: Duchess Kate stays cool as racegoers swelter
This year women were permitted to wear jumpsuits for the first time, as long as they reached to the ankle. Favored Churchill, to whom Barney Roy finished second in the 2000 Guineas, was fourth in the St.
Apple (AAPL.O), Microsoft and Visa (V.N) rose between 0.5 percent and 1.5 percent, and provided the biggest boost to the S&P and the Nasdaq.
"This market, despite its rotations, is grinding higher", said Steve Chiavarone, portfolio manager at Federated Investors. Crude has dropped about 20 percent this year, which puts at peril the big gains in profits that analysts had forecast for energy companies.
OFF THE SHELF: Barnes & Noble rose 50 cents, or 7.7 percent, to $7.00 after reporting a smaller loss for its latest quarter than analysts expected.
Among stocks, Accenture was off 3.9 percent after the consulting and outsourcing services provider trimmed its annual revenue forecast.
The euro fell to $1.1147 from $1.1167 late Wednesday, and the British pound dipped to $1.2672 from $1.2668. The two-year yield was flat at 1.35 percent, and the 30-year yield held steady at 2.73 percent. Hong Kong's Hang Seng gave up 0.1 percent to 25,674.53. "But the only thing that has really driven the United Kingdom economy higher over the last two years has been the consumer and household spending, and we think that's going to suffer", he said, noting the sharp fall in the pound has precipitated a rise in inflation that has outpaced real wage growth.
Still, the broader market has stood its ground, with the S&P and Dow up marginally for the week, while the Nasdaq was had risen 1.34 percent in the same period. The dollar rose to 111.39 Japanese yen from 111.34 yen.
EUROPEAN GROWTH: A monthly survey revealed that economic activity in the 19-country Eurozone slipped to a five-month low in June.
COMMODITIES: Gold rose $8.20 to $1,257.60 per ounce. Natural gas gained 3 cents to $2.92 per 1,000 cubic feet, heating oil was close to flat at $1.37 per gallon and wholesale gasoline was virtually unchanged at $1.43 per gallon.
Comments