Stocks Retreat After Two Straight Days Of Gains
Posted: Tuesday, February 13, 2018 – 11:03 AM
Wall Street stocks dipped in early trading Tuesday as momentum from two straight positive sessions faded as petroleum-linked shares retreated with oil prices.
About 12 minutes into trading, the Dow Jones Industrial Average stood at 24,494.71, down 0.4 percent.
The broad-based S&P 500 shed 0.4 percent to 2,644.56, while the tech-rich Nasdaq Composite Index also dropped 0.4 percent to 6,954.35.
Major US stock indices climbed about 1.5 percent Monday in the most upbeat session since a wave of volatility hit the market in early February amid worries over higher interest rates and swelling equity valuations.
But stocks were back in pullback mode Tuesday, with lower oil prices weighing on petroleum-linked firms after an International Energy Agency report said US oil output was surging.
Dow members ExxonMobil and Chevron lost 0.5 percent and 1.2 percent, respectively, while Halliburton shed 1.1 percent.
Drug distributor AmerisourceBergen surged 11.5 percent following a Wall Street Journal report that Walgreens Boots Alliance approached the company about a takeover. Walgreens Boots gained 1.5 percent.
Sneaker maker and sports attire company Under Armour surged 15.4 percent after reporting that fourth-quarter revenues rose five percent to $1.4 billion.
© Agence France-Presse