60.3 F
Fort Worth
Friday, November 27, 2020
Banking U.S. stocks mostly slip as banks fall and retailers plunge

U.S. stocks mostly slip as banks fall and retailers plunge

Other News

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for September delivery rose 31 cents to settle at $41.60 a barrel Monday. Brent crude oil for...

Trump to discuss energy, tour oil rig, raise money in Texas

By DARLENE SUPERVILLE Associated PressWASHINGTON (AP) — President Donald Trump will shift his focus to American energy dominance during a stop in Texas later...

Basic Energy Services makes organizational changes

Fort Worth-based Basic Energy Services, Inc. (OTCQX: BASX) in late May announced the implementation of changes to the organizational structure of the company, reducing...

Texas oil producers were cutting output before Railroad Commission chose not to, Commissioner Christi Craddick says

By Cassandra PollockMay 12, 2020 Texas Railroad Commissioner Christi Craddick on Tuesday doubled down on the agency’s recent decision to not cut oil production and...

NEW YORK (AP) — Stocks slipped Thursday as interest rates dropped and banks took sharp losses. Department stores tumbled as Macy’s and Kohl’s plunged following weak holiday-season reports that led the chains to cut their profit forecasts.

After a solid but uninspiring report on private hiring in December, bond prices jumped and yields fell, which sent banks down. The dollar declined. Other industries that have climbed since the election, including industrial and basic materials companies, also slipped. The Dow Jones industrial average was down as much as 131 points at midday, but the losses later eased as shares of companies that pay big dividends traded higher.

Health care and technology stocks edged higher, and the Nasdaq composite recovered from an early loss to set another all-time high.

Stocks have surged in the last two months because investors expect faster economic growth after President-elect Donald Trump takes office. Kate Warne, an investment strategist for Edward Jones, said they may be waiting for a while. She thinks Trump’s proposed tax cuts and higher infrastructure spending won’t affect the economy much until late this year or early 2018.

The payroll report “reinforced investors’ concerns that stocks have risen too quickly without policy changes actually taking place yet,” she said. Warne added that investors are also not sure if Trump’s trade and immigration proposals will slow down economic growth.

The Dow Jones industrial average sank 42.87 points, or 0.2 percent, to 19,899.29. The Standard & Poor’s 500 index lost 1.75 points, or 0.1 percent, to 2,269. The Nasdaq composite rose 10.93 points, or 0.2 percent, to 5,487.94. The Russell 2000 index of small-company stocks surrendered 16.02 points, or 1.2 percent, to 1,371.94.

The day started with a mixed report on hiring. Payroll processing company ADP said private U.S. companies added 153,000 jobs in December. That was fewer than analysts expected and a bit less than they had in the months before. The government will release its own report on the job market on Friday.

Macy’s said it will cut 10,000 jobs, and both it and Kohl’s reported declines in a key sales measure for November and December. The job cuts will be part of a restructuring for Macy’s that will include selling properties and continuing to close stores. Macy’s, which has lost half its value over the last two years, tumbled $4.98, or 13.9 percent, to $30.86 and Kohl’s slumped $9.87, or 19 percent, to $42.01. Nordstrom and J.C. Penney both sank 7 percent.

Amazon rose $23.27, or 3.1 percent, to $780.45 as investors interpreted the latest trouble for traditional stores as another sign that the online retail giant is continuing to expand at their expense.

Bond prices jumped. The yield on the 10-year Treasury note fell to 2.35 percent from 2.44 percent. That sent banks to steep losses, as lower bond yields mean lower interest rates and reduced profits from mortgages and other loans. Citigroup lost $1.07, or 1.7 percent, to $60.34 and Fifth Third Bancorp declined 78 cents, or 2.8 percent, to $26.64.

The dollar continued to slip below its recent 14-year highs. It fell to 115.62 yen from 117.60 yen. The euro rose to $1.0590 from $1.0467.

With the dollar skidding, the price of gold jumped $16, or 1.4 percent, to $1,181.30 an ounce. Silver gained 9 cents to $16.64 an ounce. That sent mining companies higher. Newmont Mining gained $1.61, or 4.6 percent, to $36.57 and Hecla Mining rose 26 cents, or 4.7 percent, to $5.83.

Copper prices edged down 2 cents to $2.54 a pound.

Drugmaker Alexion Pharmaceuticals jumped after the company said it won’t restate any of its earnings. The company had been examining sales of its drug Soliris, but said it didn’t find improper revenue recognition and that its sales were valid. Alexion did say it found weaknesses in “internal controls.” The company began examining its sales practices in November, and the following month its CEO and chief financial officer left.

The stock rose $12.07, or 9.5 percent, to $139.18 Thursday.

Stanley Black & Decker rose after the company said it will buy Sears’ Craftsman brand for around $900 million. In October the company agreed to buy Newell Brands’ tools business for $1.95 billion. Its stock gained $1.87, or 1.6 percent, to $118.35.

Benchmark U.S. crude picked up 50 cents to $53.76 a barrel in New York. Brent crude added 43 cents to $56.89 a barrel in London.

In other energy trading, wholesale gasoline lost 1 cent to $1.64 a gallon. Heating oil remained at $1.69 a gallon. Natural gas rose 1 cent to $3.27 per 1,000 cubic feet.

The FTSE 100 index in Britain inched up 0.1 percent to set another all-time high. The German DAX held steady CAC-40 in France rose less than 0.1 percent. Japan’s benchmark Nikkei 225 index fell 0.4 percent and the Kospi of South Korea edged 0.2 percent lower. Hong Kong’s Hang Seng index rose 1.5 percent.


Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Venezuela judge convicts 6 American oil execs, orders prison

By SCOTT SMITH ASSOCIATED PRESSCARACAS, Venezuela (AP) — Six American oil executives held for three years in Venezuela were found guilty of corruption charges...

Holiday trends to watch: Adult Play-Doh; stores that ship

NEW YORK (AP) — The pandemic is turning this into a holiday shopping season like no other. Toy companies are targeting stuck-at-home grown-ups with latte-smelling...

Several local Walmart Supercenters remodeled in time for holidays

Fort Worth and Arlington residents will soon get a first look at the newly remodeled Walmart Supercenters at 9500 Clifford Street, 8401 Anderson St....

Retail trade group sees solid holiday sales despite pandemic

By ANNE D'INNOCENZIO AP Retail Writer NEW YORK (AP) — The National Retail Federation, the nation's largest retail trade group, expects that holiday sales could...

Grapevine company acquires San Antonio family business

Grapevine-based Able Machinery Movers, a heavy machinery-moving and rigging company, announced Nov. 24 the acquisition of Diamond E Rigging, a family-owned rigging and heavy equipment relocation business...