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Stocks are closing mostly lower, led by declines in energy companies as the price of oil continues to fall.
The ongoing slump in oil prices weighed on stocks again Tuesday, pushing energy companies to another day of big losses. Disappointing earnings outlooks from a range of companies, cheap replica michael kors including Priceline and Michael Kors, also dragged down the market.
Oil has fallen sharply in recent weeks as global supplies rise while demand for fuel trails expectations. production booms.
The drop in oil prices has hit energy stocks hard, driving them into negative territory for the year. It has also helped push the stock market back from the record levels that it reached last week.
a case of sell first, ask questions later, for anything oil related, said Quincy cheap Michael Kors Krosby, a market strategist at Prudential Financial.
The Standard Poor’s 500 index fell 5.71 points, or 0.3 percent, to 2,012.10. The Nasdaq composite dropped 15.27 points, or 0.3 percent, to 4,623.64. The Dow Jones industrial average bucked the trend, edging up 17.60 points, or 0.1 cheap michael kors percent, to 17,383.84. economy will benefit in the long run from falling energy costs. Lower gas prices will put more money in consumers’ pockets, giving them more spending power.
Airlines were among the winners Tuesday. Fuel is their single largest operating cost and lower prices should mean higher cheap michael kors purses profits if demand for air travel stays strong. Delta Airlines surged $1.71, or 4.2 percent, to $42.32. United Continental, Jet Blue and Southwest Airlines also logged big gains.
Investors kept an eye on third quarter earnings reports as well.
Michael Kors fell the most in the S 500 index. The maker of luxury handbags, shoes and other accessories gave an outlook for the fourth quarter that disappointed investors. The stock fell $6.57, or 8.4 percent, to $71.42.
Priceline also slumped. The online travel booking company dropped $100.82, or 8.4 percent, to $1,097.70 after it hinted that the weak economic backdrop in Europe would hurt its earnings in the current quarter. Priceline reported that its earnings rose 28 percent in the third quarter, but its outlook for the current quarter fell short of analysts’ projections.
Investors will also be following the outcome of the midterm elections. Polling across the board gives Republicans well over a 50 percent chance of turning out at least six incumbent Senate Democrats or capturing seats left vacant by Democrat retirements. That outcome that would put the fake cheap Michael kors handbags opposition in charge of both houses of Congress in the replica cheap Michael Kors final two years of Obama’s second White House term.
Some strategists say that even if Republicans win both houses, it will likely have little impact on the direction of the stock market in coming months.
reality is that you’re still going to have a Democratic president, and very little is going to get done in the last two years of his term, said David Lafferty, fake michael kors chief market strategist at Natixis Global Asset Management. elections really begin to matter is probably going to be in the next cycle.
The news from overseas may also have discouraged buyers.
The European Union cut its already low economic growth forecasts further on Tuesday, indicating the recovery will remain sluggish amid problems for the biggest economies, particularly France and Germany. The official forecast for growth this year in the 18 country eurozone was cut to 0.8 percent from a prediction of 1.2 percent made in the spring. The institution also cut its forecast for next year.
Germany’s DAX dropped 0.9 percent to 9,169 while France’s CAC 40 fell 1.5 percent to 4,129. The FTSE 100 of leading British shares fell 0.5 percent to 6,453. currency rose to its highest point in almost seven years. The dollar was flat at 113.51 yen. It fell against the euro, trading at $1.2550.
In metals trading, silver for December delivery slumped 25 cents, or 1.5 percent, to 15.95 an ounce. Gold for the same month dropped $2.10, or 0.2 percent, to $1,167.70 an ounce. Gold is now trading at a four year low.
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