US STOCKS-Wall St little changed as biotechs offset energy drop

lunes 22 de agosto de 2016 16:15 GYT
 

* Fed Chair Yellen to speak at Jackson Hole on Friday

* Medivation jumps on $14 bln Pfizer deal

* Indexes: Dow off 0.12 pct, S&P off 0.06 pct, Nasdaq up 0.12 pct (Updates to market close)

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 with a strong showing by biotech stocks.

Oil prices settled down more than 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, its worst performance in two weeks, and was the worst-performing of the 10 major S&P groups.

As earnings season draws to a close, investor focus will shift to Federal Reserve Chair Janet Yellen's speech on Friday at the annual central bankers' meeting in Jackson Hole, Wyoming, to assess the odds of an interest rate hike in coming months.

"It's oil and then we've got Jackson Hole hanging over us, and there is always some surprise that comes out of Jackson Hole," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.   Continuación...