Stocks mixed as energy and auto parts companies slide
Trader Sal Suarino, center, works on the floor of the NYSE on June 29, 2017. Credit: AP / Richard Drew
Stock indexes were mixed Wednesday as energy companies skidded along with oil prices, but technology stocks rose and reversed a portion of their recent losses.
After O’Reilly Automotive reported weak sales growth in the second quarter, the three biggest losers on the Standard & Poor’s 500 index were all auto parts companies. Carmakers slumped, too.
An eight-day rally in U.S. crude oil prices ended with a thud, and energy companies took sharp losses. Retailers and small, domestically focused companies also struggled.
Technology companies bucked the trend and finished higher. Banks and industrial and health care companies also rose on another quiet day of trading after the Independence Day holiday.
With earnings reports from banks next week, Doug Burtnick, deputy head of North American equities for Aberdeen Asset Management, said Wall Street will get a clearer view of how much money banks are lending.
The Standard & Poor’s 500 index added 0.15 percent to end at 2,432.54. The Dow Jones industrial average inched down 1.10 points to 21,478.17. Nasdaq composite rose 0.67 percent to 6,150.86.
Benchmark U.S. crude dropped $1.94 to $45.13 a barrel in New York. — AP
Sarra Sounds Off, Ep. 17: Olympics a possibility for Long Beach wrestler? On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra talks with Long Beach wrestler Dunia Sibomana-Rodriguez about pursuing a third state title and possibly competing in the Olympics in 2028, plus Jared Valluzzi has the plays of the week.
Sarra Sounds Off, Ep. 17: Olympics a possibility for Long Beach wrestler? On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra talks with Long Beach wrestler Dunia Sibomana-Rodriguez about pursuing a third state title and possibly competing in the Olympics in 2028, plus Jared Valluzzi has the plays of the week.
