U.S. stock indexes close mostly lower; Dow ekes out gain
Specialist Michael Pistillo, left, works with traders at his post on the floor of the New York Stock Exchange, Tuesday, May 2, 2017. Credit: AP / Richard Drew
Stocks are closing mostly lower Wednesday as media, health care and some technology companies fell. Only the Dow Jones industrial average, which was down most of the day, managed a tiny gain as the closing bell rang.
MAKING MOVES: Akamai Technologies slumped 15.5 percent after the cloud services provider made a weak revenue forecast.
Media stocks fell after Time Warner reported poor advertising sales for cable TV. Viacom sank 7.5 percent and Walt Disney fell 2.4 percent.
ON WALL STREET: At the close, the Standard & Poor’s 500 index was down 3 points, about 0.1 percent, at 2,388. The Dow was up 8 points, about 0.04 percent, at 20,957.9, and the Nasdaq composite fell 22.8 points, about 0.4 percent, to 6,072.6. Bond yields and bank stocks rose as investors expected that interest rates will rise soon. The Federal Reserve left interest rates unchanged but appears to be on track to raise them next month.
OIL PRICES: As markets closed, U.S. benchmark crude was up 13 cents at $47.79 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, was up 11 cents at $50.57 a barrel.
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