|Published : 14 Oct 2016, 10:57:21|
US stocks slip with financial shares
US stocks slipped on Thursday led by falls in financial shares and following weak Chinese economic data but a late-day rebound in oil prices limited the day's decline.
Financials, which have been under pressure following negative news on Deutsche Bank and Wells Fargo, were down ahead of quarterly results due Friday from Wells Fargo, JPMorgan Chase and Citigroup.
The S&P financial index fell 1.1 per cent.
Stocks pared losses late along with energy shares. Oil prices rebounded to end higher.
A US government report of larger-than-expected draws in diesel and gasoline helped prices rebound. The S&P energy index ended down 0.7 per cent.
The Dow Jones industrial average was down 45.26 points, or 0.25 per cent, to 18,098.94, the S&P 500 lost 6.63 points, or 0.31 per cent, to 2,132.55 and the Nasdaq Composite dropped 25.69 points, or 0.49 per cent, to 5,213.33.
The Dow recovered from an intraday low of 17,959.95.
Declining issues outnumbered advancing ones on the NYSE by a 2.04-to-1 ratio; on Nasdaq, a 2.55-to-1 ratio favoured decliners.
The S&P 500 posted no new 52-week highs and six new lows; the Nasdaq Composite recorded 24 new highs and 91 new lows.
About 6.7 billion shares changed hands on US exchanges, compared with the 6.8 billion daily average for the past 20 trading days, according to Reuters.