Day mixed for U.S. stock in­dexes

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM - MAR­KET RE­PORT MAR­LEY JAY THE AS­SO­CI­ATED PRESS

NEW YORK — U.S. 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.

The Stan­dard & Poor’s 500 in­dex rose 3.53 points, or 0.15 per­cent, to 2,432.54. The Dow Jones in­dus­trial av­er­age slid 1.10 points to 21,478.17. Nas­daq com­pos­ite rose 40.80 points, or 0.7 per­cent, to 6,150.86. The Rus­sell 2000 in­dex of smaller-com­pany stocks sank 6.54 points, or 0.5 per­cent, to 1,420.15.

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. Those com­pa­nies have hit a wall in the past month. Banks, and in­dus­trial and health care com­pa­nies also rose on an­other quiet day of trad­ing af­ter the In­de­pen­dence Day hol­i­day.

Bench­mark U.S. crude dropped $1.94, or 4.1 per­cent, to $45.13 a bar­rel in New York. Brent crude, used to price in­ter­na­tional oils, sank $1.82, or 3.7 per­cent, to $47.79 a bar­rel in Lon­don. U.S. crude reached an an­nual low in late June and then jumped 11 per­cent over the next eight trad­ing days.

Shares of Hess fell $2.06, or 4.5 per­cent, to $43.36, and Exxon Mo­bil shed $1.25, or 1.5 per­cent, to $80.85.

O’Reilly Au­to­mo­tive said sales were slug­gish at its older lo­ca­tions over the past three months be­cause of weak de­mand and the ef­fects of a mild win­ter. Its stock lost $41.64, or 18.9 per­cent, to $178.77.

Shares of Ad­vance Auto Parts fell $13.20, or 11.1 per­cent, to $105.21, and Au­toZone slid $54.88, or 9.6 per­cent, to $516.83. Those three com­pa­nies have each plunged more than 30 per­cent this year as in­vestors worry about the ef­fects of slow­ing car sales.

Tesla took its big­gest loss in a year af­ter as in­vestors were dis­ap­pointed with the com­pany’s sec­ond-quar­ter pro­duc­tion and de­liv­ery to­tals. The elec­tric-car maker’s stock dropped $25.53, or 7.2 per­cent, to $327.09.

Else­where Ford shares de­clined 26 cents, or 2.2 per­cent, to $11.30, while Gen­eral Mo­tors sagged 56 cents, or 1.6 per­cent, to $35.01. Au­tomak­ers had ral­lied Mon­day af­ter they re­ported their monthly sales.

Pay­ment pro­ces­sor Van­tiv will buy the U.K.’s World­pay for about $10 bil­lion. World­pay al­lows busi­nesses to ac­cept credit cards and on­line pay­ments, and it re­leased a state­ment Wed­nes­day say­ing the com­pa­nies agreed on the key terms of an ac­qui­si­tion. Van­tiv stock re­treated $1.49, or 2.4 per­cent, to $61.02. Pay­ment tech­nol­ogy com­pa­nies Square and PayPal both climbed.

Mono­gram Res­i­den­tial, which owns and op­er­ates lux­ury apart­ment com­mu­ni­ties, climbed af­ter it agreed to be bought by real es­tate com­pany Greystar and a group of in­vestors. The deal val­ues Mono­gram at $12 a share, or about $2 bil­lion. Mono­gram stock added $2.09, or 21.3 per­cent, to $11.89.

Bond prices edged higher. The yield on the 10-year Trea­sury note dipped to 2.33 per­cent from 2.35 per­cent late Mon­day.

Gold rose $2.50 to $1,221.70 an ounce. Sil­ver fell 20 cents to $15.90 an ounce. Cop­per lost 3 cents to $2.66 a pound.

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