Energies Pull Stocks Lower
Energies Pull Stocks Lower
(AP) -- Energy companies led U.S. stock indexes slightly lower in early trading Wednesday as the price of crude declined on weekly data showing oil inventories are at near-record highs. Financials and health care stocks also headed lower, while utilities and real estate were among the biggest gainers. Investors had their eye on the latest batch of company earnings from Disney and other big companies.
KEEPING SCORE: The Dow Jones industrial average fell 42 points, or 0.2 percent, to 20,047 as of 10:15 a.m. Eastern Time. The Standard & Poor's 500 index slid 3 points, or 0.1 percent, to 2,289. The Nasdaq composite index gave up 9 points, or 0.2 percent, to 5,664. The Nasdaq was coming off an all-time high set Tuesday.
ENERGY SLUMP: Energy companies were falling along with prices for oil and gas futures. Oil rig operator Transocean slid 46 cents, or 3.4 percent, to $13.03.
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DRUG DRAG: Gilead Sciences plunged 9.5 percent after the biotechnology company forecast disappointing sales of its hepatitis C drugs. The stock gave up $6.95 to $66.18.
HEALTHY SALES: Myriad Genetics jumped 11.9 percent after the diagnostic test maker said sales of hereditary cancer tests have begun rising again, driving revenue to the highest level in three years. The stock gained $1.83 to $17.23.
NO WRINKLES: Allergan rose 2.6 percent after the Botox maker turned in better-than-expected quarterly results. Its shares added $5.97 to $238.58.
MOUSE HOUSE: Disney was up just under 1 percent after the media conglomerate's latest quarterly earnings beat Wall Street's estimates. The stock added 81 cents to $109.81.
MARKETS OVERSEAS: In Europe, Germany's DAX was down 0.4 percent, while France's CAC 40 was 0.3 percent lower. The FTSE 100 index of leading British shares was down 0.4 percent. Major indexes in Asia were mixed. Tokyo's Nikkei 225 rebounded from early losses to rise 0.5 percent, while Hong Kong's Hang Seng added 0.7 percent. Sydney's S&P ASX 200 gained 0.5 percent.
OIL: Crude oil prices were headed lower following a report Tuesday from the American Petroleum Institute that showed crude inventory is at 14.2 million barrels, the second-highest on record. Benchmark U.S. crude was down 32 cents, or 0.6 percent, at $51.85 a barrel in New York. Brent crude, the benchmark for international oil prices, was down 33 cents, or 0.6 percent, at $54.72 a barrel in London.
CURRENCIES: The dollar fell to 111.74 yen from 112.19 yen on Tuesday. The euro strengthened to $1.0703 from $1.0696.
TREASURY YIELDS: Bond prices rose. The 10-year Treasury yield fell to 2.35 percent from 2.40 percent late Tuesday.
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