US STOCKS-Wall St retreats from record high as energy shares fall with oil

lunes 1 de agosto de 2016 14:58 GYT
 

* U.S. crude falls below $40/barrel for first time since mid-April

* SolarCity down after Tesla says to buy the company

* Exxon and Chevron biggest drags on S&P and Dow

* Dow down 0.22 pct, S&P down 0.17 pct, Nasdaq up 0.41 pct (Updates to late afternoon; changes byline)

By Chuck Mikolajczak

Aug 1 (Reuters) - The S&P 500 and the Dow dipped in afternoon trading on Monday, as a drop in oil prices dragged down energy stocks, while tech names Apple and Alphabet helped drive the Nasdaq higher.

The S&P had hit a record high earlier in the session, but was unable to hold gains as U.S. crude fell below $40 a barrel to its lowest level since April.

The correlation between oil prices and equities, which had been very strong until oil rose above $40, is resurfacing now, said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas.

"If oil falls back below $40, which it appears it is going to, it is likely that correlation will come back and that is what we are seeing now."   Continuación...