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Stocks lower in quiet session; oil falls 2 percent US stocks end slightly lower in quiet trading
(about 2 hours later)
NEW YORK — U.S. stock indexes were slightly lower in quiet trading Monday, as investors worked through several company announcements. Health care companies were solidly higher. Global markets rose modestly. NEW YORK — U.S. stocks fell slightly in quiet trading Monday as investors worked through several company announcements and prepared for the start of company earnings releases.
KEEPING SCORE: The Dow Jones industrial average lost 58 points, or 0.3 percent, to 17,735 as of 2 p.m. Eastern. The Standard & Poor’s 500 index lost seven points, or 0.3 percent, to 2,065 and the Nasdaq composite lost 17 points, or 0.4 percent, to 4,897. Health care companies were solidly higher. Global markets rose modestly.
FIRST CLASS: Virgin America jumped $16.30, or 42 percent, to $55.22 after the company agreed to be bought by Alaska Air Group. Shares of Alaska Air fell $4.00, or 5 percent, to $77.98. JetBlue, which had bid for Virgin as well, fell 70 cents, or 3.3 percent, to $20.62. The Dow Jones industrial average lost 55.75 points, or 0.3 percent, to 17,737. The Standard & Poor’s 500 index lost 6.65 points, or 0.3 percent, to 2,066.13 and the Nasdaq composite lost 22.75 points, or 0.5 percent, to 4,891.80.
IT’S ELECTRIC: Tesla Motors rose $11.90, or 5 percent, to $249.55 after the company announced it had received 276,000 preorders for its highly anticipated Model 3, which is to be unveiled on Thursday. While stocks have recovered most their losses from earlier in the year, investors remain somewhat pessimistic about the market in the near term, especially ahead of the quarterly earnings reporting season, which unofficially beings next week with results from aluminum mining company Alcoa.
HEALTHY: Health-care companies in the S&P 500 rose 1.3 percent, the biggest gain in the index. The sector was helped by news out of Edwards Lifesciences, which said its new replacement heart valve product met the goals necessary in a clinical trial. Edwards Lifesciences jumped $15.50, or 17 percent, to $105.47. Profits of companies in the S&P 500 are expected to drop 8.5 percent from a year ago, according to data from FactSet, with most of that decline coming from the oil and gas sector.
OVERSEAS: European stocks closed slightly higher. Germany’s DAX gained 0.3 percent, France’s CAC-40 rose 0.5 percent and the U.K.’s FTSE 100 edged up 0.3 percent. This is despite the continually positive economic reports out of the U.S., including last week’s jobs numbers and manufacturing data.
OIL: Oil prices seesawed as investors digested reports that Saudi Arabia would freeze its production only if Iran and other producers agreed to do the same. Benchmark U.S. crude fell 92 cents $35.85 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, lost 87 cents to $37.80 a barrel in London. “While the economic fundamentals are good, investor sentiment is still quite negative,” said Samantha Azzarello, a global market strategist at J.P. Morgan Funds.
CAUTION: While stocks have recovered most their losses from earlier in the year, strategists remain hesitant about the market, especially ahead of earnings season later this month. The low expectations for company earnings mean that stock values remain relatively high. Investors are paying roughly $18.63 for every dollar of earnings in the S&P 500, well above the $14 to $15 they typically pay.
“We are cautious within our asset allocation,” said Thushka Maharaj, a strategist at JPMorgan Asset Management, in a note to investors. “A positive view on the economic environment is not sufficient to sustain a positive view on risky financial assets, given already (high) valuations.” “You’re going to need a big improvement in companies’ results for stocks to move higher,” said Kristina Hooper, head of U.S. investment strategies at Allianz Global Investors.
U.S. JOBS: The U.S. government said Friday that job growth continued at a strong clip in March, slightly stronger than investors expected and showing employers were confident enough to add staff despite the slowing economy. Employers added 215,000 jobs last month, a solid figure but not enough to keep up with the new job-seekers. More people also looked for work and wages edged higher. Stocks were not as impacted by a noticeable drop in oil prices on Monday, continuing a trend that started last week. Benchmark U.S. crude fell $1.09, or 3 percent, $35.70 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, lost 98 cents to $37.69 a barrel in London.
BONDS, CURRENCIES: Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 1.77 percent. The euro rose to $1.1403 from $1.1392 while the dollar fell to 111.17 yen from 111.73 yen. Weeks earlier, a sharp drop in oil prices could have reverberated far more greatly on the stock market. Azzarello says the breakdown in oil’s influence on stocks could ultimately be a good thing.
“The market just had to work itself out,” Azzarello said.
In individual company news, Virgin America jumped $16.20, or 42 percent, to $55.11 after the company agreed to be bought by Alaska Air Group. Shares of Alaska Air fell $3.09, or 4 percent, to $78.92. JetBlue, which had bid for Virgin as well, fell 92 cents, or 4.3 percent, to $20.41.
Tesla Motors rose $9.40, or 4 percent, to $246.99 after the company announced it had received 276,000 preorders for its highly anticipated Model 3, which is to be unveiled on Thursday.
Bond prices rose slightly. The yield on the 10-year Treasury note fell to 1.76 percent from 1.77 percent. The euro was mostly unchanged at $1.1397 while the dollar fell to 111.26 yen from 111.73 yen.
In other energy markets, heating oil fell 4 cents to $1.089 a gallon, wholesale gasoline futures fell 2 cents to $1.377 a gallon and natural gas rose 4 cents to $1.998 per thousand cubic feet.
In the metals markets, gold fell $4.20 to $1,219.30 an ounce, silver fell 10 cents to $14.94 an ounce and copper fell 2 cents to $2.14 a pound.
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.