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Oil stocks, Berkshire lift S&P 500; Apple pushes Nasdaq lower

Reuters 

By Sruthi Shankar

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

The maker's shares were on track for their worst two-day decline since January 2013, after the Nikkei reported that the company had told assemblers to halt plans for additional production lines dedicated to the XR.

A disappointing holiday-quarter forecast had sent the company's shares down about 7 percent on Friday.

The energy sector, which has lagged the broader 500 this year, was up 1.4 percent as the imposed a range of punitive sanctions on Iran, lifting by about 1 percent.

rose 3.8 percent, providing the biggest boost to the Dow, while and were the top gainers on the 500, rising 6.5 percent and 4.9 percent, respectively.

Gains in defensive sectors, including real estate, utilities and consumer staples, helped the markets rebound at the start of a packed week, which will see the U.S. midterm elections and a Federal Reserve meeting.

"One thing we're seeing right now at a market level and a sector level is that volatility begets volatility. The fact that somebody moves up and down is more about what's happened recently in terms of the size of those moves," said Willie Delwiche, at in

"Tech stocks, by and large, were the last bastion of strength and you could argue that there is further room for them to catch down to some of the broader indexes."

Apple's decline spurred losses in fellow FAANG stocks, with Amazon, Facebook, and down between 0.4 percent and 3.3 percent.

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 major factor for the stock market's rally since the 2016 election.

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

At 11:58 a.m. EDT the was up 154.00 points, or 0.61 percent, at 25,424.83, the was up 7.56 points, or 0.28 percent, at 2,730.62 and the was down 67.06 points, or 0.91 percent, at 7,289.94.

jumped 4.7 percent after the conglomerate run by billionaire said its quarterly operating profit doubled. The gains lifted the index up 1.3 percent.

Advancing issues outnumbered decliners by a 1.49-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.11-to-1 ratio on the Nasdaq.

The S&P index recorded eight new 52-week highs and one new low, while the Nasdaq recorded 28 new highs and 39 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. 22:53 IST
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