The Middletown Press (Middletown, CT)
Banks pull stocks away from records
NEW YORK >> A seven-day winning streak for stocks came to a quiet end Tuesday as banks, especially smaller ones, dropped along with bond yields and interest rates. Energy companies also sank.
The Standard & Poor’s 500 index lost 2.91 points, or 0.1 percent, to 2,412.91. The Dow Jones industrial average fell 50.81 points, or 0.2 percent, to 21,029.47. The Nasdaq composite dipped 7 points, or 0.1 percent, to 6,203.19. The Russell 2000 index of smallercompany stocks tumbled 11.05 points, or 0.8 percent, to 1,371.19.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.21 percent from 2.25 percent late Friday. With interest rates falling, JP-Morgan Chase declined $1.46, or 1.7 percent, to $83.90. Smaller banks fell harder, as Hope Bancorp dropped 67 cents, or 3.7 percent, to $17.48 and First Financial Bancorp sank 75 cents, or 2.9 percent to $25.05.
Oil prices recovered from an early stumble and finished only slightly lower, but energy companies continued to fall. Hess dropped $1.47, or 3.1 percent, to $46.67 and Schlumberger shed 85 cents, or 1.2 percent, to $68.74. The S&P 500 index of energy companies reached its lowest level in a year. Benchmark U.S. crude lost 14 cents to $49.66 a barrel in New York. Brent crude, the international standard, fell 45 cents to $51.84 a barrel in London.
Technology companies continued to lead the way. Security software maker Symantec advanced 45 cents, or 1.5 percent, to $30.71. Chipmaker Nvidia gained $3.03, or 2.1 percent, to $144.87 and Micron Technology rose 95 cents, or 3.2 percent, to $30.71.
International airlines slumped as the government considered expanding a ban on laptops from the passenger cabins of flights to the United States. In March the Trump administration said passengers flying from 10 cities, mostly in the Middle East, had to check all devices larger than a smartphone. On Sunday, Homeland Security Secretary John Kelly said that ban might be expanded to all international flights to and from the U.S.
Delta Air Lines lost $1.74, or 3.4 percent, to $49.06 and United Continental slid $2, or 2.5 percent, to $79.25. American Airlines retreated 78 cents, or 1.6 percent, to $47.96.
Online retail giant Amazon.com traded above $1,000 a share for the first time, but didn’t stay there. The stock peaked at $1,001.20 shortly after the market opened and wound up with a gain of 92 cents to close at $996.70. The only other S&P 500 company valued at more than $1,000 a share is travel booking site Priceline, which slipped to $1,857.45 Tuesday. Investors value Amazon at about $476 billion and Priceline at $91 billion.
Offshore drilling contractor Atwood Oceanics jumped after it agreed to be bought by Ensco PLC for $10.72 a share in stock, or $863 million. Atwood rose $1.96, or 24.3 percent, to $10.04 while U.K.-based Ensco lost 34 cents, or 5.1 percent, to $6.36.
Cloud-based incentives company Xactly agreed to be taken private by Vista Equity Partners in a deal that values it at $15.65 a share, or $499 million. Its stock added $2.15, or 16 percent, to $15.55.
The dollar declined to 110.78 yen from 111.19 yen. The euro rose to $1.1188 from $1.1176.
In other energy trading, wholesale gasoline remained at $1.64 a gallon. Heating oil dipped 1 cent to $1.55 a gallon. Natural gas tumbled 17 cents, or 5 percent, to $3.15 per 1,000 cubic feet.
Gold lost $5.70 to $1,265.70 an ounce. Silver added 10 cents to $17.43 an ounce. Copper held still at $2.56 a pound.