Energy firms lead stocks lower; oil prices slip

Associated Press

A sluggish day of trading on Wall Street finished Monday with stocks edging mostly lower as investors came back from the Thanksgiving holiday.

Energy stocks declined the most following a slide in crude oil prices. Materials companies also declined, partly offsetting gains among utilities and industrial stocks.

Retailers posted solid gains on reports the holiday shopping season is off to a strong start.

Investors cheered some corporate deals and looked ahead to several economic reports and potential market-moving news out of Washington this week.

“As you look at the context of this entire week, Monday is a little bit light on market-moving events, but as we proceed through the balance of this week, we have a busy economic calendar,” said Bill Northey, senior vice president at U.S. Bank Wealth Management.

The Standard & Poor’s 500 index slipped 1 point to 2,601.42. The Dow Jones industrial average edged up 22.79 points, or 0.1 percent, to 23,580.78. The Nasdaq composite fell 10.64 points, or 0.2 percent, to 6,878.52. The Russell 2000 index of smaller-company stocks lost 5.85 points, or 0.4 percent, to 1,513.31.

More stocks fell than rose on the New York Stock Exchange.

Bond prices rose. The yield on the 10-year Treasury fell to 2.33 from 2.34 percent late Friday.

Losses among energy stocks weighed on the market Monday as oil prices declined.

Marathon Oil lost 65 cents, or 4.3 percent, to $14.48, while Newfield Exploration gave up $1.05, or 3.4 percent, to $29.69.

Benchmark U.S. crude fell 84 cents, or 1.4 percent, to settle at $58.11 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, declined 2 cents to close at $63.84 in London.

Chipmakers were among the market’s laggards, led by Western Digital. The stock was the biggest decliner in the S&P 500, sliding $6.23, or 6.7 percent, to $86.55.

Several retailers closed higher as the holiday shopping season moved into high gear.

NewellBrands climbed $1.42, or 5 percent, to $29.79, while Amazon added $9.83, or 0.8 percent, to $1,195.83. L Brands rose $1.98, or 4.1 percent, to $50.34.

Traders welcomed the latest news on the corporate deal front.

Time rose almost 10 percent after agreeing to be acquired by Meredith for $1.8 billion, or $18.50 a share. Meredith owns TV stations and magazines, including Better Homes and Gardens. Time surged $1.60, or 9.5 percent, to $18.50, while Meredith gained $6.55, or 10.7 percent, to $67.55.