Stocks mostly fall, but Dow hits high
U.S. stocks mostly slipped Wednesday after their recent record-setting run. Energy firms stumbled, but basic materials makers rose as investors hoped two large deals would win approval from regulators.
While energy stocks fell with the price of oil, most other sectors didn’t make big moves. Technology companies eked out a small gain. The Dow Jones industrial average notched its ninth straight gain.
After an extended streak of gains, investors didn’t make many big moves. They spent most of the day waiting for the minutes from the latest Federal Reserve meeting, but those minutes held few surprises. Bond prices rose and yields slipped.
Kate Warne, an investment strategist for Edward Jones, said Fed decisionmakers are also waiting to learn more about the Trump administration’s policy proposals and Congress’ reaction to them. That might take a few months. Meanwhile, investors too will wait.
DuPont climbed 3.4% to $79.80 and Dow Chemical rose 4% to $63.67. Reuters reported that regulators in the European Union are close to approving their $62-billion combination.
Investors seemed to grow more optimistic about a second deal in the chemicals industry: Shares of Monsanto, which has accepted a $57-billion offer from Bayer but is waiting for regulatory approval, rose 0.7% to $111.38.
Bond prices changed course, turning higher. The yield on the 10-year Treasury note fell to 2.41% from 2.43%.
Energy companies sank as benchmark U.S. crude fell 74 cents, or 1.4%, to $53.59 a barrel. Brent crude fell 34 cents to $55.84 a barrel.
Oil and gas company Concho Resources slid 6.8% to $131.70 after a weak quarterly report. Newfield Exploration fell 8% to $39.07 as analysts expressed concerns about its forecasts.
Drugmaker Bristol-Myers Squibb rose 1% to $55.35 after the Wall Street Journal said billionaire investor Carl Icahn bought a stake.
Food and consumer products company Unilever rose 4.6% to $46.93 after it said it will quickly review its options to find ways to increase value for shareholders after Kraft Heinz withdrew its offer to buy the firm.
Tech companies finished with a small gain thanks to Facebook, which jumped 1.8% to $136.12. The S&P 500’s tech index has risen every day in February and is up 10% this year, at its highest level since July 2000.
The dollar fell to 113.12 yen from 113.58 yen. The euro rose to $1.0568 from $1.0547.
Wholesale gasoline rose 2 cents to $1.51 a gallon. Heating oil fell 1 cent to $1.63 a gallon. Natural gas rose 3 cents to $2.59 per 1,000 cubic feet.
Gold fell $5.60 to $1,233.30 an ounce. Silver fell 5 cents to $17.95 an ounce. Copper fell 1 cent to $2.73 a pound.