Post-election stock surge fades, oil prices sink again

U.S. stocks slipped Thursday as oil prices’ ninth consecutive drop hurt energy companies. U.S. markets were coming off huge gains from the day before.

U.S. crude oil has slumped more than 20% since early October, meeting Wall Street’s definition of a bear market.

Government fuel stockpiles have steadily expanded, pushing supplies higher, and the United States issued waivers to a number of countries that buy oil from Iran. Those waivers allow the countries to keep importing Iranian oil despite renewed sanctions on Iran.

Most other groups of stocks finished little changed. Banks made the largest gains. The Federal Reserve left interest rates where they are, but suggested it plans to keep raising rates in response to the strong U.S. economy.

The S&P 500 fell 7.06 points, or 0.3%, to 2,806.83. The Dow Jones industrial average inched up 10.92 points to 26,191.22. The Nasdaq composite fell 39.87 points, or 0.5%, to 7,530.88. The Russell 200 index slipped 3.95 points, or 0.2%, to 1,578.21.

Benchmark U.S. crude oil fell 1.6% to $60.67 a barrel in New York. On Oct. 3 it closed at $76.41, its highest level in almost four years. Brent crude slid 2% to $70.65 a barrel in London. Brent crude is the standard for international oil prices, and it has also fallen sharply over the last five weeks.

Exxon Mobil shares fell 1.6% to $81.71. ConocoPhillips shares slid 4.5% to $66.91.

Bond prices edged down. The yield on the 10-year Treasury note rose to 3.24%, near its highest level this year, from 3.23%.

Qualcomm sank 8.2% to $58.05. The chipmaker had a strong quarter, but for the current period it’s projecting revenue far below what analysts expected.

D.R. Horton, one of the largest home builders, fell 9% to $34.22 after it reported earnings and sales that fell short of Wall Street forecasts. It said rising home prices and mortgage rates are affecting demand. That combination has been weighing on home sales and home builders’ stocks all year. PulteGroup fell 3.5% to $24.23, Lennar fell 2.5% to $41.90, and KB Home fell 3.5% to $20.62.

Roku plunged 22.3% to $45.74 even though the video streaming company’s quarterly sales and earnings were better than analysts expected.

Square sank 9% to $75.23 after the payments company issued disappointing guidance for the current quarter.

Wynn Resorts dropped 13.1% to $99.02 after the casino operator said its business in Macau has slowed recently.