Stocks move sideways on Wall Street after record-setting day
TOKYO (AP) — Asian shares were mixed Thursday after U.S. stocks closed lower, giving back some of its gains a day after the S&P 500 and Nasdaq hit record highs.
Japan’s benchmark Nikkei 225 edged up 0.2% in early trading to 22,247.14. South Korea’s Kospi fell nearly 0.3% to 2,195.56. Hong Kong’s Hang Seng slipped 0.5% to 29,805.83, while the Shanghai Composite inched up nearly 0.1% to 3,201.61. Australia’s trading was closed for Anzac Day, a national holiday.
Investors are also watching for the U.S. economic growth data being released later in the week.
On Wall Street, energy stocks led the modest slide as crude oil prices fell after a three-day rally. Communications companies also helped pull the market lower, offsetting gains in real estate and other sectors. Bond prices rose as traders took a more defensive approach.
Stocks wavered between small gains and losses through much of the day as investors continued to wade through a steady flow of corporate earnings.
The S&P 500 index fell 6.43 points, or 0.2%, to 2,927.25. The benchmark index closed at a record high on Tuesday. The Dow Jones Industrial Average dropped 59.34 points, or 0.2%, to 26,597.05. The Nasdaq composite lost 18.81 points, or 0.2%, to 8,102.01. The index was also coming off a record high close.
ENERGY: Benchmark U.S. crude lost 30 cents to $65.59 a barrel. It fell 0.6% to settle at $65.89 per barrel. Oil had been climbing recently since dropping below $43 in late December. Brent crude fell 26 cents to $74.31 per barrel.
CURRENCIES: The dollar rose to 112.14 Japanese yen from 111.85 yen. The euro weakened to $1.1150 from $1.1206.
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AP Business Writers Alex Veiga and Damian J. Troise contributed to this report.
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