US STOCKS-Wall St flat as biotechs offset energy sector slump

lunes 22 de agosto de 2016 14:35 GYT
 

* Fed Chair Yellen to speak at Jackson Hole on Friday

* Medivation jumps on $14 bln Pfizer deal

* Indexes: Dow off 0.08 pct, S&P off 0.05 pct, Nasdaq up 0.05 pct (Updates to afternoon trading, changes byline)

By Chuck Mikolajczak

Aug 22 (Reuters) - U.S. stocks were little changed on Monday as a drop in oil prices that weighed on the energy sector was offset by strong gains among biotech stocks.

Oil prices fell about 3 percent, after touching two-month highs last week, on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising U.S. oil rig count.

The S&P energy index lost 0.9 percent and was the worst-performing of the 10 major S&P groups. It was on track for its worst performance in two weeks.

"Oil has gone back to kind of calling the shots for the market the last bit, until we get closer to the Fed meeting in September that is probably going to be the case," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.

Biotech stocks received a boost from Pfizer's $14 billion acquisition of cancer drug maker Medivation. Medivation's shares jumped nearly 20 percent as the biggest boost to the Nasdaq, and the Nasdaq biotech index was up 1.7 percent.   Continuación...