|Published : 20 Apr 2017, 10:44:40|
US stocks end mixed
The S&P 500 and Dow closed lower and the Nasdaq advanced on Wednesday as investors digested the latest round of earnings, while a drop in oil prices weighed on the energy sector.
IBM sank 4.9 per cent to $161.69 after the company reported a bigger-than-expected decline in revenue for the first time in five quarters. The stock was the biggest drag on the S&P and the price-weighted Dow.
The energy sector slumped 1.4 per cent for its fifth drop in six sessions as oil prices settled nearly 4 per cent lower.
US data showed a counter-seasonal build in gasoline inventories and a smaller-than-expected decline in overall crude stocks and sent US crude below the $52 a barrel mark for the first time in two weeks.
Morgan Stanley rose 2.0 per cent after posting a surge in quarterly profit, taking some of the sting out of a disappointing report from Goldman Sachs on Tuesday.
The Dow Jones Industrial Average fell 119.13 points, or 0.58 per cent, to 20,404.15, the S&P 500 lost 4.03 points, or 0.17 per cent, to 2,338.16.
The Nasdaq Composite added 13.56 points, or 0.23 per cent, to 5,863.03.
Declining issues outnumbered advancing ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favoured advancers.
The S&P 500 posted 21 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 80 new highs and 39 new lows.
About 6.60 billion shares changed hands in US exchanges, above the 6.31 billion daily average over the last 20 sessions, reports Reuters.