Oil prices sink again as post-election actions fade
Oil prices sink again as post-election actions fade
Stocks in the United States fell on Thursday as the ninth consecutive fall in crude oil prices hit energy companies. The markets of the United States came from huge profits the day before.
US crude oil has now fallen more than 20 percent since early October, meeting Wall Street's definition of "bear market".
Government fuel reserves have increased steadily, which has increased supplies, and the US. UU They have granted exemptions to several countries that buy oil at I ran. That allows those countries to continue importing Iranian oil despite the new sanctions imposed on that country.
Most of the other groups of actions ended up little changed. The banks made the biggest profits. The Federal Reserve left interest rates where they are, but suggested that it plans to continue raising rates in response to the strong US economy. UU
After its steep fall in October, the S & P increased six of the seven days that ended on Wednesday. Stocks began to sink last month because investors were concerned that the Fed would raise interest rates to the point of slowing economic growth. But John Lynch, chief investment strategist at LPL Research, said he does not think that will happen and that the Fed will stop raising rates in 2019.
"We do not believe they are as aggressive as many fear," he said. "We still do not have anything that comes close to the wage pressures that have historically scared the Federal Reserve."
The S & P 500 index dropped 7.06 points, or 0.3 percent, to 2,806.83 after it jumped 2.1 percent on Wednesday. The Dow Jones Industrial Average rose 10.92 points to 26,191.22.
The Nasdaq compound fell 39.87 points, or 0.5 percent, to 7,530.88 after an increase of 2.6 percent the previous day. The Russell 200 index of shares of smaller companies fell 3.95 points, or 0.2 percent, to 1,578.21.
US benchmark crude fell 1.6 percent to $ 60.67 per barrel in New York. October 3 closed at $ 76.41, the highest level in almost four years.
Brent crude lost 2 percent to $ 70.65 per barrel in London. Brent crude is the standard for international oil prices and has also decreased considerably in the last five weeks.
Exxon Mobil fell 1.6 percent to $ 81.71 and ConocoPhillips dropped 4.5 percent to $ 119.36.
The prices of the bonds fell. The yield on 10-year Treasuries rose to 3.24 percent, near its highest level this year, from 3.23 percent. The Federal Reserve left interest rates where they are, but suggested that it plans to continue raising them in response to the strong economy of the United States. The Federal Reserve has increased its key rate eight times since the end of 2015 and is expected to do so again in December, with several additional increases to come.
Bank of America rose 1.2 percent to $ 28.87 and M & T Bank added 1.2 percent to $ 167.37.
The Fed has been raising rates to keep inflation from getting out of control. Lynch, of LPL, said inflation will not get any stronger because wages will not grow much faster than they currently are. He said that factors such as the retirement of more Baby Boomers, global competition and slower economic growth in the United States will limit wage increases.
Chip maker Qualcomm had a solid fourth quarter, but for the current period it projects revenue of $ 4.5 billion to $ 5.3 billion, well below the $ 5.6 billion that analysts expected, according to FactSet. Their shares lost 8.2 percent to $ 58.05.
Apple stopped making royalties payments to Qualcomm after a dispute between the companies and, later, decided to stop using Qualcomm modems in some of its products. Qualcomm said both changes have affected its results.
DR. Horton, one of the largest home builders, fell 9 percent to $ 34.22 after its earnings and sales fell short of Wall Street forecasts. The company said that the increase in housing prices and mortgage rates are affecting demand. That exact combination has been weighing on home sales and stocks throughout the year. PulteGroup fell 3.5 percent to $ 24.23 and Lennar lost 2.5 percent to $ 41.90.
Wynn Resorts fell 13.1 percent to $ 99.02 after the casino operator said his business in Macao has slowed recently.
Stocks rose on Wednesday after the mid-term elections were generally as investors thought they would. The Democrats took control of the House of Representatives, while the Republicans held the majority in the Senate. That means that the policy seems to be much less likely to exclude the performance of the strong economy of the United States.
In the trade of other commodities, wholesale gasoline changed little at $ 1.64 per gallon. Heating oil dropped 3.1 percent to $ 2.17 per gallon. Natural gas dropped to $ 3.54 per 1,000 cubic feet.
Gold fell 0.3 percent to $ 1,225.10 an ounce. Silver lost 1 percent at $ 14.42 an ounce. Copper fell 0.7 percent to $ 2.74 per pound.
The dollar rose to 113.96 yen from 113.34 yen. The euro fell to $ 1.1363 from $ 1.1455.
The DAX of Germany lost 0.4 percent and the British FTSE 100 increased 0.3 percent. The CAC 40 in France was 0.1 percent lower.
The Nikkei 225 Japanese rose 1.8 percent and the Kospi of South Korea rose 0.7 percent. In Hong Kong, the Hang Seng added 0.3 percent.
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You can contact the AP Markets writer, Marley Jay, at http://twitter.com/MarleyJayAP
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