mostlycloudy
Tuesday November 21st, 2017 8:34PM

US stocks decline in afternoon trading; oil heads lower

By The Associated Press
Related Articles
  Contact Editor

Energy stocks are posting losses in afternoon trading, helping drag the broader market modestly lower and erasing the small gains the market made a day earlier. Disappointing results or outlooks from retailers and other companies also weighed on the market. Utilities and consumer goods companies were up slightly.

KEEPING SCORE: The Standard & Poor's 500 index fell 10 points, or 0.4 percent, to 2,574 as of 1 p.m. Eastern Time. The Dow Jones industrial average lost 68 points, or 0.3 percent, to 23,371. The Nasdaq composite slid 40 points, or 0.6 percent, to 6,717. The Russell 2000 index of smaller-company stocks gave up 7 points, or 0.5 percent, to 1,467.

THE QUOTE: "We're through earnings season, which was pretty good, with earnings up about 10 percent," said Stuart Freeman, co-head of global equity strategy for Wells Fargo Investment Institute. "Now investors are waiting and watching to see what shape this tax reduction bill is going to take."

The House is expected to vote on its version of the legislation this week. Expectations that the tax overhaul will sharply lower corporate taxes have helped lift the market higher this year.

NOT A GOOD LOOK: TJX Cos., the parent company of T.J. Maxx and Marshalls, fell 5.2 percent after reporting revenue and earnings that missed analysts' estimates. Its shares lost $3.68 to $67.08.

FOUL OUTLOOK: Dick's Sporting Goods slid 4.9 percent after the retailer reported a solid quarter but also said its earnings per share could drop as much as 20 percent next year. The stock gave up $1.29 to $25.03.

ENERGY SLUMP: A steep drop in crude oil prices weighed on energy sector stocks. Range Resources lost $1.03, or 5.5 percent, to $17.55, while Newfield Exploration fell $1.71, or 5.3 percent, to $30.38.

Benchmark U.S. crude was down $1.19, or 2.1 percent, to $55.57 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, was off $1.25, or 2 percent, at $61.91 a barrel in London.

GEEZ, GE: General Electric slumped 7.6 percent as analysts downgraded the industrial conglomerate a day after it pulled back on profit expectations and slashed its dividend in half. The stock was down $1.45 to $17.57. It's now down more than 44 percent this year.

TAKING FLIGHT: Buffalo Wild Wings soared 24.9 percent on a report that Roark Capital has offered to buy the restaurant chain for $150 a share, or $2.3 billion. Buffalo Wild Wings shares added $29.15 to $146.40.

REVVED UP: Advance Auto Parts vaulted 17.9 percent after the company's latest quarterly earnings exceeded Wall Street's expectations. The stock gained $14.73 to $97.01.

BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.37 percent from 2.41 percent late Monday.

CURRENCIES: The dollar fell to 113.41 yen from 113.57 yen on Monday. The euro strengthened to $1.1776 from $1.1667.

MARKETS OVERSEAS: Germany's DAX fell 0.3 percent, while France's CAC 40 shed 0.5 percent. Britain's FTSE 100 was little changed. Earlier in Asia, Japan's Nikkei 225 stock index finished flat. Hong Kong's Hang Seng index slipped 0.1 percent. Australia's S&P/ASX 200 fell 0.9 percent. South Korea's Kospi edged down 0.2 percent. Shares in Taiwan and Southeast Asia were mostly higher.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
US stocks decline in afternoon trading; oil heads lower
Energy stocks are posting losses in afternoon trading, helping drag the broader market modestly lower and erasing the small gains the market made a day earlier.
1:16PM ( 4 minutes ago )
College to name school for late journalist Gwen Ifill
A college in Boston will name one of its schools after the late Gwen Ifill, a co-anchor of PBS' "NewsHour" and veteran journalist who moderated two vice presidential debates
1:12PM ( 7 minutes ago )
Lebanon's PM says he will return in next 2 days
Lebanon's Prime Minister Saad Hariri, who plunged the country into crisis with his surprise resignation during a trip to Saudi Arabia, says he will return home in the next two days
1:03PM ( 16 minutes ago )
Associated Press (AP)
UK lawmakers battle over Brexit amid customs chaos warning
A fragile government, a legislative minefield and a jittery economy are turning up the tension as Britain tries to turn its vote to leave the European Union into a reality
12:20PM ( 1 hour ago )
Paris: Rare manuscripts to be sold from alleged pyramid scam
Thousands of French investors are hoping to recover some of the money they lost in an alleged pyramid scheme when a collection of rare manuscripts goes up for auction in Paris next month
11:45AM ( 1 hour ago )
Russia drafts legislation targeting foreign media
Russian lawmakers say they have drafted legal amendments that would allow the government to register international media outlets as foreign agents
11:15AM ( 2 hours ago )
AP Business
Sessions open to idea of Clinton Foundation special counsel
Attorney General Jeff Sessions is leaving open the possibility that a special counsel could be appointed to look into Clinton Foundation dealings and a uranium deal during the Obama administration
1:53AM ( 11 hours ago )
Bipartisan analysis: Senate bill would hike taxes for 13.8M
A bipartisan analysis of the Senate GOP tax bill finds that it would increase taxes for some 13.8 million moderate-income American households
8:01PM ( 17 hours ago )
The Latest: Trump to meet with House GOP ahead of tax vote
White House official says Trump plans to meet with House Republicans on Thursday ahead of an expected vote on tax overhaul legislation
7:03PM ( 18 hours ago )
AP Business - Corporate News
US producer prices rise 0.4 in October on higher food prices
US producer prices rise 0.4 percent in October, post biggest annual gain since 2012
8:54AM ( 4 hours ago )
Global stocks mostly slide after disappointing Chinese data
Global stocks are mostly down as investors watched for tax reform developments in the U.S. and digested weak manufacturing data from China
7:46AM ( 5 hours ago )
10 Things to Know for Today
Among 10 Things to Know: Trump Jr. messaged with WikiLeaks during 2016 campaign; Rescuers search debris after Iran-Iraq earthquake killed more than 400; Republicans continue abandoning Alabama Senate candidate Moore after new accusations
7:28AM ( 5 hours ago )
AP Business - Economy
Raiders mark new chapter with Vegas stadium groundbreaking
The Oakland Raiders have broken ground on a new stadium in Las Vegas, just across the freeway from the city's world-famous casinos
3:49AM ( 9 hours ago )
Asia shares lower, Nikkei flat as China data disappoints
Asian shares lower in languid trading following lackluster manufacturing data from China
1:24AM ( 11 hours ago )
Raiders break ground on 65,000-seat stadium in Las Vegas
The Oakland Raiders are breaking ground on their new 65,000-seat domed stadium in Las Vegas
12:08AM ( 13 hours ago )
AP Business - Financial Markets
UN agency report shows Iran meeting nuclear commitments
A new review by the United Nations agency monitoring Iran's compliance with a treaty that restricts its nuclear activities has not identified any violations by Tehran
5:47PM ( 19 hours ago )
Protesters disrupt US fossil-nuclear event at climate talks
Protesters drown out speeches by White House advisers and business representatives Monday at an U.S.-sponsored event promoting the use of fossil fuels and nuclear energy
5:09PM ( 20 hours ago )
Trump turns to drug industry for his new health secretary
President Donald Trump picks former top drug company and government executive to be his next health secretary
3:46PM ( 21 hours ago )
AP Business - Industries
Abu Dhabi oil company to put fuel stations on stock market
State-run Abu Dhabi National Oil to put minority stake in its gas station subsidiary up on local stock market
2:45AM ( 1 day ago )
Frustration sets in after coal mine health study suspended
Some people living near mountaintop coal mines in West Virginia are frustrated the Trump administration has suspended the latest federal study on the health impact of surface mining in Appalachia
9:50AM ( 3 days ago )
Tax split between House, Senate poses a big challenge
Split between House, Senate on tax poses political challenge
3:58PM ( 3 days ago )
AP Business - Utilities
College to name school for late journalist Gwen Ifill
A college in Boston will name one of its schools after the late Gwen Ifill, a co-anchor of PBS' "NewsHour" and veteran journalist who moderated two vice presidential debates
1:12PM ( 8 minutes ago )
Lebanon's PM says he will return in next 2 days
Lebanon's Prime Minister Saad Hariri, who plunged the country into crisis with his surprise resignation during a trip to Saudi Arabia, says he will return home in the next two days
1:03PM ( 17 minutes ago )
The Latest: Trump heads home with few solid accomplishments
For all the pageantry and promises on his lengthy Asia trip, President Donald Trump is returning to Washington with few concrete accomplishments in hand and leaving uncertain Asian capitals in his wake
12:58PM ( 22 minutes ago )
New-look Labor leader vows to unseat Netanyahu in Israel
After falling out with Benjamin Netanyahu as a junior minister last year, Avi Gabbay is now a leading candidate to replace the scandal-plagued prime minister
12:56PM ( 24 minutes ago )
'Lady Chatterley' lawyer Jeremy Hutchinson dies at 102
Lawyer Jeremy Hutchinson, a towering legal figure who helped liberalize British laws around sex and freedom of expression, has died
12:55PM ( 25 minutes ago )