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Energy stocks lift S&P, Dow; Apple drags

Reuters 

By Sruthi Shankar

(Reuters) - The 500 and the rose on Monday, supported by and strong results from Inc, while a 3 percent drop in shares dragged down the

The rose 1.21 percent, leading gains among the sectors, after were boosted by the restoration of U.S. sanctions on

Apple slid 3.3 percent, adding to its near 7 percent fall on Friday, after the Nikkei reported the company has told two assemblers to halt plans for additional production lines dedicated to the lower-cost XR.

Barring losses in the group and the FANGs - Amazon, Alphabet, and - the markets gained broadly at the start of the week, which will see the all-important U.S. midterm elections and a Federal Reserve meeting.

Opinion polls show a strong chance for Donald Trump's holding the but losing control of the to the Democrats - a potential hurdle to Trump's pro-business agenda, which has been a factor for the stock market's rally since the 2016 election.

"When they are spilt like that, in a divisive environment that we have, nothing much gets done and that's not the worst thing that could happen for Wall Street," said Robert Pavlik, chief investment strategist, at in

"But in the short term, the market is going to react negatively because you're not going to see the kind of favorable legislation that you've been seeing in the past couple of years."

With the Federal Reserve meeting on Wednesday and Thursday, investors are fretting over tighter U.S. monetary policy, especially after a string of strong economic data, including Friday's jobs report.

The upbeat report did little to stop the U.S. market from snapping a three-day rally on Friday, following a bruising October, on Apple's downbeat forecast and the dampening optimism over U.S.-trade talks.

At 10:01 a.m. EDT the was up 84.60 points, or 0.33 percent, at 25,355.43, the was up 1.99 points, or 0.07 percent, at 2,725.05 and the Composite was down 60.82 points, or 0.83 percent, at 7,296.18.

jumped 4.6 percent after the conglomerate run by billionaire said its quarterly operating profit doubled. The gains lifted the index up 1.1 percent.

Overall, third-quarter results have been stronger than expected, with about 78 percent of the companies so far beating analysts' estimates, according to I/B/E/S data from

Advancing issues outnumbered decliners by a 1.87-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.00-to-1 ratio on the

The S&P index recorded 5 new 52-week highs and 1 new lows, while the Nasdaq recorded 19 new highs and 18 new lows.

(Reporting by in Bengaluru; Editing by Anil D'Silva)

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

First Published: Mon, November 05 2018. 20:48 IST
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