Stocks mostly fall; energy shares power Dow to a new record
Trader Dennis Maguire, with specialist Peter Giacchi, right, on the floor of the New York Stock Exchange on Wall Street on Friday, Dec. 9, 2016. Credit: AP / Richard Drew
Stocks mostly fell on Monday, but a spurt in oil prices helped push the energy sector higher and the Dow Jones industrial average to another record.
The Dow rose 39.58 points, or 0.2 percent, to extend its record set on Friday. The Standard & Poor’s 500 index, which is the benchmark for many more investors than the Dow, pulled back from its own record, also set on Friday, and dipped 2.57 points, or 0.1 percent, to 2,256.96. The Nasdaq composite fell 31.96, or 0.6 percent, to 5,412.54.
The Dow was able to make the lone gain among the big three indexes partly thanks to Exxon Mobil and Chevron. They rose with oil, which touched its highest price since the summer of 2015 after OPEC persuaded Russia and 10 other oil-producing nations to announce production cuts over the weekend.
Energy stocks in the S&P 500 rose 0.7 percent, and they were among the six sectors to rise of the 11 that make up the index.
Still, nine stocks fell on the New York Stock Exchange for every five that rose, and the day’s loss marked the end of a six-day winning streak for the S&P 500.
The price of U.S. benchmark crude rose $1.33, or 2.6 percent, to settle at $52.83 per barrel in New York. The price of Brent crude, the international standard, rose $1.36, or 2.5 percent, to close at $55.69 a barrel in London.
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