Economy

Oil's slide to lowest price of the year pulls stocks lower

Oil's slide to lowest price of the year pulls stocks lower

Plus, profit growth is improving for companies, which helps to justify their stock price gains.

USA stock indexes retreated from their record heights Tuesday after a slump in the price of oil weighed on energy companies.

The Russell 2000 index of smaller company stocks fell 15.11, or 1.1 percent, to 1,402.97.

The Dow Jones Industrial Average finished up 0.7% at 21,528, the S&P 500 index closed up 0.8%, at 2,453, led by a a 1.6% rally in the tech-sector, the session's best performer among the S&P 500's 11 sectors.

ExxonMobil stock price fell 0.6 percent, while Chevron and ConocoPhillips shares lost 0.9 percent and 1.1 percent, respectively. Numerous sharpest declines were concentrated in the energy sector, as the price of oil touched its lowest price since mid-November.

Oilers trade F Jordan Eberle to Islanders for C Ryan Strome
Given that he has a $6 million annual cap hit for another two seasons, that offensive decline was problematic. Strome , 23, scored 30 points (13 goals, 17 assists) in 69 games with the Islanders last season.

UK RATES: In a speech, Mark Carney, the Bank of England governor, sought to dampen down on expectations that interest rates were heading higher after last week's policy meeting saw three-of-eight policymakers surprisingly vote for a quarter point hike in the bank's base rate to 0.5 percent amid rising inflation. In Asia, Japan's Nikkei 225 index fell 0.5 percent, South Korea's Kospi lost 0.5 percent and the Hang Seng in Hong Kong dropped 0.6 percent.

Software company Red Hat rose 8.5 percent in the first few minutes of trading Wednesday. Its forecast for revenue and earnings this fiscal year also topped analysts' expectations. Its stock rose $8.62, or 9.6 percent, to $98.58.

CHINA'S ARRIVAL: Chinese shares traded in Shanghai, which have always been hard for foreign investors to trade, rose 0.5 percent after index provider MSCI said it will include what are called "Chinese A-shares" in its widely followed Emerging Markets index.

MSCI has been considering including A-shares in its index for years but had demurred until now due to a range of concerns, such as how inaccessible they were for foreign investors.

The Nasdaq composite lost 50.98 points, or 0.8 percent, to 6,188.03.

Cavs Offer Billups Five-Year Contract to be GM
Billups has no previous executive experience, but he does have a long-standing relationship with Gilbert and knows the league well.

In the Treasury market, bond prices rose, which caused yields to fall. The yield on the 10-year Treasury note sank to 2.15 per cent from 2.19 per cent late Monday. Bank of America gained 1.8 percent.

The British pound rose to $1.2668 from $1.2629 late Tuesday.

The euro dipped to $1.1128 from $1.1147, and the dollar slipped to 111.41 Japanese yen from 111.54 yen.

COMMODITIES: Gold rose $1.30 to $1,244.80 per ounce, silver slipped 4 cents to $16.38 per ounce and copper added 4 cents to $2.59 per pound.

Saudi king names son heir as new generation encircles throne
Erdogan and Saudi King Salman bin Abdulaziz will have a face-to-face meeting at the G20 Summit on July 7-8 in Hamburg, Germany. He worked closely with Washington after the September 11 attacks, helping to share intelligence to thwart more attacks.


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