Stocks slide again in light trad­ing

In­vestors back a Trump ad­viser’s com­pa­nies and shy away from re­tail­ers and e-com­merce Alibaba.

The Denver Post - - BUSINESS - By Mar­ley Jay

Re­tail­ers took losses Thurs­day and pulled U.S. stocks lower in an­other day of mild trad­ing be­fore the hol­i­days.

Bed Bath & Be­yond was pum­meled af­ter the home goods re­tailer re­ported weak re­sults, and in­vestors also dumped com­pa­nies like Tar­get, Sta­ples and Dol­lar Tree. Chi­nese e-com­merce com­pany Alibaba fell af­ter it was sanc­tioned by the U.S. gov­ern­ment, while com­pa­nies linked to in­vestor Carl Ic­ahn climbed af­ter the bil­lion­aire was named as a fu­ture ad­viser to pres­i­den­t­elect Don­ald Trump.

Quincy Krosby, a mar­kets strate­gist for Pru­den­tial Fi­nan­cial, said in­vestors were con­cerned about the weak earn­ings for Bed Bath & Be­yond and about the jump in in­ter­est rates since the elec­tion.

“When you have in­ter­est rates rising, at least ini­tially, it tends to take a lit­tle bit from the dis­cre­tionary (com­pa­nies) be­cause credit card pay­ments move higher,” she said.

The Dow Jones in­dus­trial av­er­age shed 23.08 points, or 0.1 per­cent, to 19,918.88. The Stan­dard & Poor’s 500 in­dex lost 4.22 points, or 0.2 per­cent, to 2,260.96. The Nas­daq com­pos­ite dipped 24.01 points, or 0.4 per­cent, to 5,447.42. The Rus­sell 2000 in­dex of small-com­pany stocks sank 12.53 points, or 0.9 per­cent, to 1,362.66. Pre-hol­i­day trad­ing re­mained light. Sev­eral com­pa­nies linked to Ic­ahn surged. Ic­ahn En­ter­prises rose $4.38, or 7.6 per­cent, to $62.30 and refin­ing com­pany CVR En­ergy added $2.25, or 10.5 per­cent, to $23.69. Ic­ahn owns 82 per­cent of the vot­ing power in CVR En­ergy. Ic­ahn En­ter­prises has climbed 30 per­cent since the presidential elec­tion, and CVR En­ergy has climbed 85 per­cent.

Teva Phar­ma­ceu­ti­cal In­dus­tries, the world’s largest generic drug maker, rose af­ter it agreed to set­tle an in­ves­ti­ga­tion into pos­si­ble bribes paid to for­eign gov­ern­ments. The stock added 54 cents, or 1.5 per­cent, to $36.91.

Bench­mark U.S. crude gained 46 cents to $52.95 a bar­rel in New York and Brent crude, the in­ter­na­tional stan­dard, rose 59 cents, or 1.1 per­cent, to $55.05 a bar­rel in Lon­don.

Bond prices fell. The yield on the 10-year Trea­sury note climbed to 2.55 per­cent from 2.54 per­cent. The dol­lar inched up to 117.60 yen from 117.54 yen. The euro rose to $1.0433 from $1.0427.

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