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Wall Street closes lower as oil drops

26 June 2017

The price of oil slumped to its lowest level of the year on Tuesday and helped to restrain US stock indexes, which set records a day earlier.

Among stocks, Lennar rose 1.8 percent to $53.66 after the No. 2 US homebuilder reported a higher-than-expected quarterly profit.

The Dow Jones Industrial Average fell 2.1 points, or 0.01 per cent, to 21,526.89, the S&P 500 lost 7.26 points, or 0.30 per cent, to 2,446.2 and the Nasdaq Composite dropped 13.97 points, or 0.22 per cent, to 6,225.05.

The Dow Jones Industrial Average lost 57.11 points, or 0.3%, to 21,410.03, with more than half of the blue-chip stocks finishing with losses.

CRUDE REVIVAL: Benchmark U.S. crude ticked up by 6 cents to $43.57 per barrel, a day after sinking to its lowest price of the year on continued speculation that supplies will overwhelm demand.

Stocks clocked a broadly mixed finish Wednesday, as weak oil prices dragged, biotechs rallied and names including CA (CA), Red Hat (RHT) and Winnebago (WGO) turned in some of the day's biggest gains. After being up by as much as 1.6 percent earlier in the day, benchmark US crude turned lower and was down 12 cents, or 0.3 percent, to $43.39 per barrel.

Stocks are easing mostly lower in morning trading on Wall Street, a day after big gains from tech companies pushed indexes to their latest record highs.

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Retailers also fell. Ross Stores fell 4.8 per cent. On the Nasdaq, 1,497 issues fell and 782 advanced.

NASDAQ measures a number of indices reflecting the reaction of USA's high tech markets and business environments on the country's political and economic developments which have an impact on high tech markets. That was followed by Boston Fed President Eric Rosengren, who said on Tuesday the era of low interest rates in the United States and elsewhere poses financial stability risks.

Benchmark U.S. crude lost 97 cents, or 2.2 percent, to settle at $43.23 per barrel, and Brent crude, the worldwide standard, fell 89 cents to $46.02 per barrel. Following his comments, the pound was down 0.5 percent at $1.2672.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.16 per cent.

CURRENCIES: The British pound fell to $1.2622 from $1.2729 after Bank of England Governor Mark Carney cooled market expectations that the bank may soon raise interest rates.

The Shanghai Composite Index gained 0.4 percent to 3,170.19 and Tokyo's Nikkei 225 shed 0.1 percent to 20,118.25. Natural gas rose 3 cents to $2.94 per 1,000 cubic feet, heating oil was flat at $1.40 per gallon and wholesale gasoline rose 1 cent to $1.44 per gallon.

CURRENCIES: The dollar weakened to 111.25 yen from 111.46, while the euro was almost flat at $1.113.