US STOCKS-Wall St flat as drop in tech stocks offsets oil gains

jueves 18 de agosto de 2016 13:02 GYT
 

* Wal-Mart hits near 15-month high on strong results

* Energy stock gains as Brent crude top $50/bbl

* Cisco drops on disappointing forecast

* Indexes down: Dow 0.17 pct, S&P 0.04 pct, Nasdaq 0.03 pct (Updates to early afternoon)

By Tanya Agrawal

Aug 18 (Reuters) - Wall Street pared earlier gains and was little changed in early afternoon trading on Thursday, as a drop in technology stocks offset gains in energy companies on the back of higher oil prices.

Wal-Mart also helped prop up the market, rising as much as 3.1 percent to a more than 14-month high of $75.19 after the retailer's better-than-expected quarterly profit.

However, a decline in technology stocks, led by Cisco , helped overwhelm most of the gains.

Cisco fell 1.7 percent to $53.57 after the network equipment provider said it would cut 5,500 jobs and gave a disappointing forecast.   Continuación...