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U.S. stocks droop in early trading after Dow notches 2 record closes

U.S. stocks droop in early trading after Dow notches 2 record closes

Stocks sagged in early trading Thursday as investors took profits after two straight sessions in which the Dow Jones industrial average set new record closes.
Sharply higher oil prices dimmed enthusiasm for stocks, trumping more positive news, including better-than-expected retail sales reports for September and lower unemployment claims for last week.
On Wednesday, the Dow soared 123 points to 11,850.61. The Standard & Poor's 500 also hit a 5 1/2 year high.
But some traders have questioned the depth of the rally. The market's ratio of advancers to decliners in recent sessions has tended to be unimpressive.
In morning trading, the Dow fell 21.06, or 0.18 percent, to 11,829.55.
Broader stock indicators were slightly lower. The S&P 500 index fell 1.94, or 0.14, to 1,348.28, and the Nasdaq composite index fell 0.70, or 0.03 percent, to 2,290.25.
Advancing issues led decliners by 8 to 5 on the New York Stock Exchange.
Bonds fell as stocks wavered, with the yield on the 10-year Treasury note at 4.58 percent, up from 4.56 percent Thursday. The U.S. dollar was lower other major currencies. Gold prices rose.
Crude oil futures rose sharply. A barrel of light crude was quoted at $60.77, up $1.36 in trading on the New York Mercantile Exchange.
In company news, Wyeth fell $1.37 to $49.81 after a Philadelphia jury awarded a woman $1.5 million after finding that the drug company's hormone replacement drug was a factor in her breast cancer. This is the second such case against the company to go to trial; Wyeth won the first.
Wal-Mart Stores Inc. was down 40 cents to $49.15 after the world's largest retailer reported disappointing September sales. Rival discounter Target Corp. rose 28 cents to $57.91 after it reported a solid sales gain for the month and beat analyst estimates.
Marriott International Inc., the world's largest hotel company by revenue, said its third-quarter earnings weakened, falling 5.4 percent. But its 33 cents per share net income beat estimates of 30 cents and the stock rose 82 cents to $39.15.
The Russell 2000 index of smaller companies was up 2.25, or 0.31 percent, at 735.72.
Volume on the New York Stock Exchange was 311.35 million shares, compared with 190.2 at the same point Wednesday.


Updated : 2021-06-16 02:40 GMT+08:00