Stocks Edge Lower Early Thursday 01/18 09:29
U.S. stock indexes edged lower in early trading Thursday, pulling back
slightly from the market's latest record highs.
(AP) -- U.S. stock indexes edged lower in early trading Thursday, pulling
back slightly from the market's latest record highs. Losses by health care
stocks and other sectors were outweighing gains by technology companies. Energy
stocks also fell as crude oil prices declined.
KEEPING SCORE: The Standard & Poor's 500 index fell 3 points, or 0.1
percent, to 2,799 as of 10:14 a.m. Eastern Time. The Dow Jones industrial
average slid 49 points, or 0.2 percent, to 26,065. The Nasdaq lost 20 points,
or 0.3 percent, to 7,278. The Russell 2000 index of smaller-company stocks gave
up 3 points, or 0.2 percent, to 1,583. The Dow, S&P 500 and Nasdaq hit record
highs on Wednesday.
UNDER THE WEATHER: Health care stocks were down in early trading. Biogen
slid $5.82, or 1.7 percent, to $339.05.
ROUGH QUARTER: Alcoa tumbled 6.6 percent after the company reported a wider
loss in the fourth quarter. Alcoa said it will freeze its pension and move some
employees to a defined contribution retirement plan starting in 2021 as it
looks to cut costs. The stock lost $3.74 to $53.25.
MIXED RESULTS: Banks were moving after several of them reported quarterly
results. Morgan Stanley gained 0.7 percent after its latest earnings beat Wall
Street's expectations. The stock rose 38 cents to $55.73. Bank of NY Mellon and
Key Corp were trading lower after their latest quarterly snapshots. Bank of NY
Mellon lost $2.36, or 4.1 percent, to $55.54, while Key declined 43 cents, or 2
percent, to $20.83.
RESILIENT TECH: Technology stocks, one of the biggest gainers this year,
continued to notch gains. Advanced Micro Devices rose 41 cents, or 3.4 percent,
CHECKING IN: La Quinta rose 2.6 percent after Wyndham Worldwide agreed to
buy its hotel franchise and management business. Shares in La Quinta added 51
cents to $19.56. Wyndham gained $6.12, or 5.2 percent, to $123.25.
ENERGY: Benchmark crude rose fell 24 cents to $63.73 a barrel on the New
York Mercantile Exchange. Brent crude, used to price international oils, fell
35 cents to $69.03 a barrel.
The decline in oil prices weighed on some energy sector stocks. Kinder
Morgan slid 71 cents, or 3.6 percent, to $18.86.
BOND YIELDS: Bond prices fell. The yield on the 10-year Treasury rose to
2.60 percent from 2.59 percent late Wednesday.
CURRENCIES: The dollar fell to 110.92 yen from 111.13 yen on Wednesday. The
euro rose to $1.2257 from $1.2235.
BITCOIN: The price of bitcoin added 7.7 percent to $11,999, according to the
tracking site CoinDesk. Bitcoin futures on the Cboe Futures Exchange rose 10.3
percent to $11,930. The futures allow investors to make bets on the future
price of bitcoin.
MARKETS OVERSEAS: Major stock indexes in Europe were mixed. Germany's DAX
rose 0.5 percent, while France's CAC 40 edged 0.1 percent lower. Britain's FTSE
100 was down 0.4 percent. In Asia, Japan's benchmark Nikkei 225 finished 0.4
percent lower. Hong Kong's Hang Seng added 0.4 percent after China reported 6.9
percent economic growth in 2017, faster than expected. South Korea's Kospi
inched up less than 0.1 percent.