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Stocks edge higher in early trade; energy sector recovers

US stocks edge higher in early trading after a 3-day slump; energy sector recovers

Stocks edge higher in early trade; energy sector recovers

NEW YORK (AP) -- U.S. stocks are edging higher in early trading Thursday following a three-day losing streak. Energy companies were among the early winners after being beaten down over the past several days. Oil prices fell.

KEEPING SCORE: The Dow Jones industrial average climbed 34 points, or 0.2 percent, to 17,526 as of 10:17 a.m. Eastern time. The Standard & Poor's 500 index rose three points, or 0.1 percent, to 2,050. The Nasdaq composite increased seven points, or 0.1 percent, to 5,030.

RUMPLED: Men's Warehouse plunged $4.62, or 25 percent, to $13.77 after reporting earnings per share that was half what financial analysts expected, according to Factset. The struggling clothes chain is down 68 percent since the start of 2015.

SUNBURN: First Solar dropped $4.05, or 7 percent, to $54.80 after the solar energy company released earnings and a forecast that disappointed investors.

DATA WATCH: Applications for unemployment benefits in the U.S. rose last week, but the number of Americans seeking aid remains close to historic lows. The report comes a week before a Federal Reserve meeting that is expected to raise interest rates from a record low.

ENERGY: The price of crude oil fell to a seven-year low. Benchmark U.S. crude dropped 22 cents, or 0.6 percent, to $36.94 a barrel in New York.

REVAMP: Glencore jumped 8 percent in London after the mining giant said it was ahead of schedule in cutting its debt. Miners are struggling with a slump in commodity prices due to slower growth in China.

EUROPE SLIPS: Britain's FTSE 100 fell 0.6 percent while France's CAC 40 slipped less than 0.1 percent. Germany's DAX rose 0.2 percent.

CENTRAL BANKS: New Zealand's central bank cut interest rates for the fourth time in six months, but it also signaled that it is not planning further cuts as inflation is expected to rise. Analysts said it was the latest sign that many central banks in developed countries are preparing to end their monetary easing.

ASIA'S DAY: Japan's Nikkei 225 finished 1.3 percent lower and Hong Kong's Hang Seng slipped 0.5 percent. Australia's S&P/ASX 200 shed 0.8 percent. China's Shanghai Composite index dropped 0.5 percent.

BONDS, CURRENCIES: U.S. government bond prices rose slightly. The yield on the 10-year Treasury note rose to 2.22 percent from 2.21 percent late Wednesday. The dollar rose to 121.47 yen from 121.19 yen. The euro fell to $1.0954 from $1.1028.

Updated : 2021-09-28 21:24 GMT+08:00