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Stocks edge mostly lower, weighed down by the energy sector Stocks edge mostly lower, weighed down by the energy sector
(35 minutes later)
NEW YORK — U.S. stocks are edging mostly lower in midday trading as another drop in the price of oil sends energy stocks lower. NEW YORK — Stocks are inching lower Friday as the price of oil retreats, pulling energy companies down. Tech stocks are edging higher following a strong report from chipmaking equipment company Applied Materials, but retail stocks are sliding further after a disappointing report from department store operator Nordstrom.
Several retailers were also falling Friday, led by a big drop in Nordstrom after the department store operator released a weak forecast. KEEPING SCORE: The Dow Jones industrial average lost 62 points, or 0.4 percent, to 16,351 as of 12:25 p.m. Eastern time. The Standard & Poor’s 500 index was down 4 points, or 0.2 percent, at 1,913. The Nasdaq composite picked up 13 points, or 0.3 percent, to 4,500 as tech stocks inched higher.
Technology stocks bucked the trend and moved higher. Facebook rose 1 percent and Applied Materials soared 9 percent. After big jumps on Tuesday and Wednesday, the S&P 500 is on pace for its best week of the 2016. The Nasdaq, which has plunged 10 percent this year, is on pace for its best week since July.
The Dow Jones industrial average was down 34 points, or 0.2 percent, to 16,376 as of 11:45 a.m. Eastern time. ENERGY: Benchmark U.S. crude sank $1.3, or 4.4 percent, to $29.42 a barrel on the New York Mercantile Exchange. It had climbed 17 percent over the last week as investors hoped for a deal that would limit oil production. Brent crude, a benchmark for international oils, was down $1.37, or 4 percent, to $32.91 a barrel in London.
The Standard & Poor’s 500 index slipped a point to 1,916. The Nasdaq composite, which is heavily weighted with technology stocks, gained 18 points, or 0.4 percent, to 4,504. That sent oil and gas stocks tumbling. Southwestern Energy dropped $1.32, or 15.5 percent, to $7.17 and Murphy Oil fell $1.59, or 7 percent, to $21.01.
The price of U.S. crude oil fell 4 percent to just under $30 a barrel in New York. TECH RISES: Chipmaking equipment company Applied Materials climbed after it reported stronger-than-expected profit and sales. Its stock climbed $1.60, or 9.3 percent, to $18.77.
Yahoo rose 76 cents, or 2.6 percent, to $30.18 after the Internet company said it has created a committee of independent directors and hired advisers as part of an effort to redefine itself. Big shareholders are pushing Yahoo to sell its main Internet business. The company eliminated 15 percent of its staff earlier this month.
SHOPPING AROUND: Retailers struggled again after holiday-season results from department store operator Nordstrom disappointed Wall Street. The company said its sales were weaker than it expected and its profits were hurt because it had to match discounts offered by competitors.
Nordstrom gave up $3.34, or 6.3 percent, to $9.38 while Macy’s fell $1.11, or 2.7 percent, to $39.46. Retail stocks also stumbled Thursday after Wal-Mart reported weak quarterly sales and cut its forecasts for the year.
Department stores have struggled since they disclosed weak third-quarter results in November. Nordstrom is down 24 percent since its report a little more than three months ago.
V.F. Corp, the company behind brands such as Vans, North Face and Timberland, also dropped after its profit and sales fell far short of analyst estimates. The stock dropped 2.05, or 3.3 percent, to $59.20.
DEERE DOWN: Agricultural equipment company Deere lowered its sales forecast for the year as sales of farm and construction remain weak. That canceled out first-quarter results that were better than analysts expected. Deere stock lost $2.73, or 3.4 percent, to $77.60.
NEED A DRINK: Boston Beer Co., the maker of Samuel Adams beer, fell after its sales disappointed investors. The stock gave up 7.43, or 4 percent, to $117.
SIGNS OF INFLATION: The Labor Department said prices for consumer goods have risen 1.4 percent over the last year, a sign that the pace of inflation is picking up. Prices were unchanged in January, however. The combination of a strong dollar and cheaper oil has suppressed inflation across much of the economy.
PAID OFF: WageWorks stock added $1.15, or 2.7 percent, to $43.21. The provider of health, commuter and other employee benefits reported stronger-than-expected quarterly results.
OVERSEAS: European stocks fell as the leaders of Britain and the rest of the 28-country European Union entered a second day of talks on how to reform the country’s membership in the bloc. The talks are stalled over a series of issues, including immigration rights.
Germany’s DAX fell 0.8 percent, while France’s CAC 40 and Britain’s FTSE 100 both declined 0.4 percent. Asian stocks were mixed, as Japan’s benchmark Nikkei 225 lost 1.4 percent and South Korea’s Kospi added 0.4 percent. Hong Kong’s Hang Seng fell 0.4 percent and the Shanghai Composite in mainland China inched down 0.1 percent.
BONDS, CURRENCIES: Bond prices ticked lower. The yield on the 10-year Treasury note rose to 1.75 percent from 1.74 percent. The euro rose to $1.1129 from $1.1094 Thursday. The dollar fell to 112.36 yen from 113.57 yen.
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Marley Jay can be reached at http://twitter.com/MarleyJayAP. His work can be found at http://bigstory.ap.org/journalist/marley-jay
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.