You are here: Home » Reuters » News
Business Standard

Dow flat as oil skids; S&P, Nasdaq boosted by health

Reuters 

By Tanya Agrawal and Anya George Tharakan

REUTERS - The Dow was little changed in late morning trading on Tuesday, pressured by a sharp drop in prices that weighed on energy companies, while a rise in healthcare and biotech helped lift the and the S&P 500.

fell nearly 4 percent on signs that leading exporters were struggling to agree on a deal to cut production ahead of an OPEC meeting on Wednesday.

The S&P energy index dropped 1.75 percent, leading the decliners among the 11 major S&P sectors. All but one of its components were in the red.

Chevron declined 1.6 percent and Exxon fell 1.3 percent. The were among the biggest drags on the Dow and the S&P.

"You're seeing oil, both in terms of the physical commodity as well as energy equities, under pressure today and this is on the back of increased skepticism surrounding the likelihood of OPEC reaching any type of consensus tomorrow," said Marcelle Daher, co-head of North American asset allocation at John Hancock Financial Services.

Helping offset the drag from lower prices was the healthcare index's 0.68 percent gain, which led the seven advancing S&P sectors.

Boosting the sector was UnitedHealth's 3.6 percent rise to a record high after the largest U.S. health insurer's upbeat forecast.

AbbVie was also up 3.2 percent, while Clegene rose 1.9 percent. The Biotech index was up 0.41 percent.

At 11:03 a.m. ET (1603 GMT) the Industrial Average was up 16.59 points, or 0.09 percent, at 19,114.49.

The S&P 500 was up 4.3 points, or 0.2 percent, at 2,206.02.

The Composite was up 19.80 points, or 0.37 percent, at 5,388.61.

U.S. closed lower on Monday in their worst showing in nearly a month as investors booked profits on the heels of a record-setting week.

Wall Street has rallied since Donald Trump's victory in the presidential election as investors expect his plans to increase infrastructure spending, cut corporate taxes and reduce regulation to boost the economy.

However some analysts have argued that the rally may have been overdone.

"I do think some of the moves have been massive, quite honestly ... there has been an overshoot," said Daher.

Among stocks, Tiffany was up 4.7 percent at $81.82 after the upscale jeweler reported its first rise in sales in eight quarters.

Advancing issues outnumbered decliners on the NYSE by 1,548 to 1,268. On the Nasdaq, 1,555 issues rose and 1,055 fell.

The S&P 500 index showed 15 new 52-week highs and no new lows, while the recorded 110 new highs and 12 new lows.

(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty and Savio D'Souza)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Dow flat as oil skids; S&P, Nasdaq boosted by health

REUTERS - The Dow was little changed in late morning trading on Tuesday, pressured by a sharp drop in oil prices that weighed on energy companies, while a rise in healthcare and biotech stocks helped lift the Nasdaq and the S&P 500.

By Tanya Agrawal and Anya George Tharakan

REUTERS - The Dow was little changed in late morning trading on Tuesday, pressured by a sharp drop in prices that weighed on energy companies, while a rise in healthcare and biotech helped lift the and the S&P 500.

fell nearly 4 percent on signs that leading exporters were struggling to agree on a deal to cut production ahead of an OPEC meeting on Wednesday.

The S&P energy index dropped 1.75 percent, leading the decliners among the 11 major S&P sectors. All but one of its components were in the red.

Chevron declined 1.6 percent and Exxon fell 1.3 percent. The were among the biggest drags on the Dow and the S&P.

"You're seeing oil, both in terms of the physical commodity as well as energy equities, under pressure today and this is on the back of increased skepticism surrounding the likelihood of OPEC reaching any type of consensus tomorrow," said Marcelle Daher, co-head of North American asset allocation at John Hancock Financial Services.

Helping offset the drag from lower prices was the healthcare index's 0.68 percent gain, which led the seven advancing S&P sectors.

Boosting the sector was UnitedHealth's 3.6 percent rise to a record high after the largest U.S. health insurer's upbeat forecast.

AbbVie was also up 3.2 percent, while Clegene rose 1.9 percent. The Biotech index was up 0.41 percent.

At 11:03 a.m. ET (1603 GMT) the Industrial Average was up 16.59 points, or 0.09 percent, at 19,114.49.

The S&P 500 was up 4.3 points, or 0.2 percent, at 2,206.02.

The Composite was up 19.80 points, or 0.37 percent, at 5,388.61.

U.S. closed lower on Monday in their worst showing in nearly a month as investors booked profits on the heels of a record-setting week.

Wall Street has rallied since Donald Trump's victory in the presidential election as investors expect his plans to increase infrastructure spending, cut corporate taxes and reduce regulation to boost the economy.

However some analysts have argued that the rally may have been overdone.

"I do think some of the moves have been massive, quite honestly ... there has been an overshoot," said Daher.

Among stocks, Tiffany was up 4.7 percent at $81.82 after the upscale jeweler reported its first rise in sales in eight quarters.

Advancing issues outnumbered decliners on the NYSE by 1,548 to 1,268. On the Nasdaq, 1,555 issues rose and 1,055 fell.

The S&P 500 index showed 15 new 52-week highs and no new lows, while the recorded 110 new highs and 12 new lows.

(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty and Savio D'Souza)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Dow flat as oil skids; S&P, Nasdaq boosted by health

By Tanya Agrawal and Anya George Tharakan

REUTERS - The Dow was little changed in late morning trading on Tuesday, pressured by a sharp drop in prices that weighed on energy companies, while a rise in healthcare and biotech helped lift the and the S&P 500.

fell nearly 4 percent on signs that leading exporters were struggling to agree on a deal to cut production ahead of an OPEC meeting on Wednesday.

The S&P energy index dropped 1.75 percent, leading the decliners among the 11 major S&P sectors. All but one of its components were in the red.

Chevron declined 1.6 percent and Exxon fell 1.3 percent. The were among the biggest drags on the Dow and the S&P.

"You're seeing oil, both in terms of the physical commodity as well as energy equities, under pressure today and this is on the back of increased skepticism surrounding the likelihood of OPEC reaching any type of consensus tomorrow," said Marcelle Daher, co-head of North American asset allocation at John Hancock Financial Services.

Helping offset the drag from lower prices was the healthcare index's 0.68 percent gain, which led the seven advancing S&P sectors.

Boosting the sector was UnitedHealth's 3.6 percent rise to a record high after the largest U.S. health insurer's upbeat forecast.

AbbVie was also up 3.2 percent, while Clegene rose 1.9 percent. The Biotech index was up 0.41 percent.

At 11:03 a.m. ET (1603 GMT) the Industrial Average was up 16.59 points, or 0.09 percent, at 19,114.49.

The S&P 500 was up 4.3 points, or 0.2 percent, at 2,206.02.

The Composite was up 19.80 points, or 0.37 percent, at 5,388.61.

U.S. closed lower on Monday in their worst showing in nearly a month as investors booked profits on the heels of a record-setting week.

Wall Street has rallied since Donald Trump's victory in the presidential election as investors expect his plans to increase infrastructure spending, cut corporate taxes and reduce regulation to boost the economy.

However some analysts have argued that the rally may have been overdone.

"I do think some of the moves have been massive, quite honestly ... there has been an overshoot," said Daher.

Among stocks, Tiffany was up 4.7 percent at $81.82 after the upscale jeweler reported its first rise in sales in eight quarters.

Advancing issues outnumbered decliners on the NYSE by 1,548 to 1,268. On the Nasdaq, 1,555 issues rose and 1,055 fell.

The S&P 500 index showed 15 new 52-week highs and no new lows, while the recorded 110 new highs and 12 new lows.

(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty and Savio D'Souza)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard