While you were sleeping: Wall St falls as two-day rally ends
Pre-holiday weekend trading volume was the second-lowest this year.
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Major US stock indexes pulled back slightly in light trading after two days of gains.
Crude oil prices failed to stay above $US50 a barrel, spurring declines in the materials and energy sectors.
Utilities, telecommunications and consumer discretionary companies gained as investors repositioned after days of buying riskier stocks.
The session was the second-lowest volume day this year, with roughly 5.8 billion US shares changing hands ahead of a US holiday weekend.
At the close, the Dow Jones Industrial Average fell 23.22 points, or 0.1%, to 17,828.29. The S&P 500 slipped 0.44 points to 2090.10, while the Nasdaq Composite Index climbed 0.1%, to 4901.77.
Energy shares in the S&P 500 reversed an early climb as crude prices fell back below $US50 after briefly topping the milestone in intraday trading.
US crude futures lost 0.2% to $US49.48 a barrel.
Chemical companies fall
Shares of materials companies dragged on the S&P 500. Freeport-McMoRan fell 2.7% while Dow Chemical dropped 1.6%. DuPont was the biggest decliner in the Dow, falling 1.9%.
While oil fell, it still settled at its second-highest level this year, weighing on travel companies. Carnival Corporation lost 4.1% and Royal Caribbean Cruises declined 2.2%.
Delta Air Lines fell 1.7%, American Airlines slid 2.1% and Southwest Airlines lost 1.7%.
Dollar Tree rose 13% to a new all-time high after the retailer raised its outlook for the year and earnings topped expectations.
Gold for May delivery fell 0.3% to $US1220.10 an ounce.
The Stoxx Europe 600 gained 0.1%, despite declines in the region’s banking sector, which had risen nearly 7% in the last two sessions.
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Nevil Gibson
Fri, 27 May 2016
Fri, 27 May 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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While you were sleeping: Wall St falls as two-day rally ends
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