US stocks are mixed on Wall Street as oil price slumps
NEW YORK (AP) — Stocks are wavering between small gains and losses in midday trading on Wall Street Tuesday. Energy companies slumped as the price of crude oil turned lower after a four-day rally. The Dow Jones industrial average slipped after setting a record high close the day before.
KEEPING SCORE: The Dow lost 7 points, or 0.1 percent, to 19,209 as of 12:10 p.m. Eastern. The Standard & Poor's 500 index rose 2 points, or 0.1 percent, to 2,207 and the Nasdaq composite was up one point, or less than 0.1 percent, to 5,310.
ENERGY: A rally in oil prices petered out after four days of gains driven by OPEC's deal to cut production next year. Benchmark U.S. crude fell $1.06 to $50.73 in New York. Brent crude, the international standard, shed $1.05 to $53.89 a barrel in London. Among energy stocks, pipeline operator Kinder Morgan and Devon Energy each fell 1 percent.
STARVING: Chipotle Mexican Grill fell $29.34, or 7 percent, to $366.70 after the company's CEO said he was "nervous" about hitting full-year forecasts and that the company's turnaround is going slower than expected. Chipotle has struggled since an E. coli outbreak last year caused customers to eat elsewhere.
AIR TRUMP ONE: Boeing shares fell 95 cents, or 0.5 percent, to $151.21 after President-elect Donald Trump said he believed the U.S. government should cancel its order for a new Air Force One plane, claiming the project is too expensive. The Air Force has not contracted out the new Air Force One plane, due in 2021, yet. However Boeing does have a $170 million viability contract with the Air Force to determine the capabilities of the next version of Air Force One.
EUROPE: Italy's stock market jumped 4.2 percent, a day after slipping in the wake of the failure of a constitutional referendum that forced the resignation of that country's premier. France's CAC 40 added 1.3 percent, Britain's FTSE 100 was up 0.5 percent and Germany's DAX rose 0.8 percent.
BONDS AND CURRENCIES: U.S. government bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.39 percent from 2.40 percent late Monday. In foreign exchange trading, the dollar rose to 114.01 yen from 113.75 yen. The euro fell to $1.0704 from $1.0770.
By KEN SWEET, AP Business Writer.
Copyright Associated Press. All rights reserved.
The Gayly - 12/6/2016 @ 12:01 p.m. CST.