U.S. stock indexes closed in the red Friday after a big rally the day before. Energy companies fell after one of the largest companies in the industry, Schlumberger, announced lower revenue than investors hoped.
ON WALL STREET: At the close, the Standard & Poor’s 500 index was down 7.2 points, about 0.3 percent, at 2,348.7. The Dow Jones industrial average gave up nearly 31 points, about 0.2 percent, to 20,547.8. The Nasdaq composite slipped 6.3 points, about 0.1 percent, to 5,910.5. The Russell 2000 index of smaller-company stocks ended down 4.3 points, about 0.3 percent, at 1,379.9. The yield on the 10-year Treasury note closed at 2.237 percent.
Stocks rallied Thursday, but they’ve wandered up and down over the last few weeks. That may continue for a while. Next Friday the Bureau of Economic Analysis will release its report on first-quarter GDP growth, a critical look at the economy that investors pay a lot of attention to. On the same day, the federal government is scheduled to reach its borrowing limit, which could trigger a government shutdown unless Congress agrees to extend it.
OIL PRICES: As markets closed, benchmark U.S. crude shed $1.08 to $49.63 a barrel on the New York Mercantile Exchange. In London on the Intercontinental Exchange Europe, Brent crude, used to price international oils, was down $1.04 to $51.95 a barrel.
OIL SERVICES COMPANY: Schlumberger, the world’s biggest oil field services company, fell after it reported less revenue than analysts had forecast. The company said revenue in China, Russia and the North Sea fell more than it had expected. The stock gave up $1.67, about 2.2 percent, to close at $74.84, and competitor Halliburton shed 63 cents, about 1.3 percent, to close at $47.06.