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US stocks dip amid weakness in oil shares

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NEW YORK: Wall Street stocks sagged on Thursday (May 2) for a second straight session, with weakness in petroleum-linked shares dragging the ...

NEW YORK: Wall Street stocks sagged on Thursday for a second straight session, with weakness in petroleum-linked shares dragging the market further below records earlier in the week.The broad-based S&P 500 shed 6.21 points , closing at 2,917.52, while the tech-rich Nasdaq Composite fell 12.87 points to settle at 8,036.77.

Petroleum producers were an especially vulnerable sector, with Exxon Mobil losing 1.7 per cent, Devon Energy 2.8 per cent and Marathon Oil 5.8 per cent. Tesla Motors rose 4.3 per cent as it announced it would raise as much as US$2.3 billion in debt and equity to boost its cash position. The news had been telegraphed by Chief Executive Elon Musk on an Apr 24 conference call that sent shares lower.Food company Beyond Meat more than doubled in its market debut to finish at US$65.75 after an initial public offering priced at US$25.

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US: Wall St opens slightly lower after mixed bag of earnings[NEW YORK] US stocks opened slightly lower on Thursday as investors assessed a mixed batch of earnings, while the Federal Reserve dented hopes of a cut in interest rates. Read more at The Business Times.
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