US

The Star Early Edition - - MARKETS -

STOCKS pared de­clines as en­ergy shares trimmed losses with the price of crude, off­set­ting de­clines among fi­nan­cial and util­ity shares.

The Stan­dard & Poor’s (S&P) 500 In­dex lost 0.1 per­cent to 2 037.32 points at 11:41am in New York, trim­ming losses of as much as 0.4 per­cent. The Dow Jones in­dus­trial av­er­age de­clined 0.2 per­cent to 17 587.96 points. Both gauges closed at all-time highs on Tues­day.

Ex­elon led util­ity shares in the S&P 500 lower as the US and China agreed on new car­bon cuts to fight cli­mate change. Bank shares slumped 0.8 per­cent after reg­u­la­tors in Europe and the US fined lenders from Cit­i­group to Bank of Amer­ica to set­tle a probe into the rig­ging of for­eign-ex­change bench­marks.

“This is some nor­mal profit-tak­ing that hap­pens after you have an ex­tended move up in the mar­ket,” Mar­shall Front, chief in­vest­ment of­fi­cer at Front Bar­nett As­so­ciates in Chicago, said. – Bloomberg

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