US STOCKS-Wall St eases after last week's big gain; energy weighs

lunes 27 de octubre de 2014 15:03 GYT
 

* Indexes off: Dow 0.03 pct, S&P 0.2 pct, Nasdaq 0.1 pct (Updates to afternoon trading)

By Caroline Valetkevitch

NEW YORK Oct 27 (Reuters) - U.S. stocks edged lower in afternoon trading on Monday, pausing after the S&P 500's biggest weekly gain since January 2013, as energy shares fell with another decline in oil prices.

Shares of Gilead Sciences, due to report results Tuesday, were up 1.8 percent and helped to limit some of the declines. Micron Technology jumped 3.5 percent and was the largest percentage gainer on both the S&P 500 and Nasdaq 100 after it announced a $1 billion stock repurchase.

But leading the way lower were shares of energy companies. The S&P 500 energy index was down 2.2 percent, with U.S. crude briefly trading below $80 a barrel. Goldman Sachs slashed its crude price forecasts, citing abundant supply and lackluster demand.

"We did have a big run last week, so the fact that we're flattish today is not a surprise," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

"There's continued focus on the price of oil, and the debate is, yes, it really helps the consumer ... but, in terms of the producers, it's certainly a headwind to say the least."

At 2:44 p.m., the Dow Jones industrial average fell 4.81 points, or 0.03 percent, to 16,800.6, the S&P 500 lost 4.76 points, or 0.24 percent, to 1,959.82 and the Nasdaq Composite dropped 3.46 points, or 0.08 percent, to 4,480.25.

"This is another big week for earnings, so there's thinking, 'stay on the sidelines to see how they play out,'" Hellwig said.   Continuación...