US STOCKS-Oil drop, lackluster earnings weigh on Wall Street

lunes 25 de abril de 2016 15:43 GYT

* Perrigo shares tumble after guidance, CEO replacement

* Tribune Publishing soars over 50 pct after Gannett offer

* Dow, S&P and Nasdaq down 0.4 pct (Updates prices, changes byline)

By Rodrigo Campos

April 25 (Reuters) - Energy shares dragged down Wall Street on Monday, coinciding with a decline in oil prices, while earnings and guidance from companies including Perrigo and Xerox also weighed on U.S. stocks.

With the S&P 500 up in eight of the past 10 weeks and nearing the record high set almost a year ago, traders are struggling to find reasons to push it even higher as underwhelming earnings and the specter of higher interest rates hover over markets.

The U.S. Federal Reserve is expected to hold interest rates steady after a two-day meeting set to begin Tuesday, but policymakers may be more upbeat on the economic outlook leaving the path open for future rate hikes.

Perrigo Co, down 17 percent after it lowered its adjusted profit forecast for the full year, was among the largest weights on the S&P 500. It's CEO and Chairman Joseph Papa resigned to take the reins at Valeant Pharma, whose U.S.-traded shares are down 85 percent from last August.

"This is hardly a big selloff but we are having trouble breaking through (to new highs on the S&P) because of a lack of consistently good earnings and economic data," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.   Continuación...