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BUSINESS Saturday 22 July 2017
A25

US stocks dip with energy prices; European stocks sink

By MARLEY JAY are also hurting its business.
AP Markets Writer The stock fell 78 cents, or
NEW YORK (AP) — U.S. 2.9 percent, to $25.91. It’s
stocks finished barely lower down 18 percent this year.
Friday as energy compa- Also falling was oilfield
nies fell with oil prices and services company Baker
a 10-day rally for technolo- Hughes, which is com-
gy companies came to an bined with GE’s oil and
end. But Wall Street mostly gas unit this month and is
avoided the sharp losses now mostly owned by GE.
that hit European stocks. It shed 85 cents, or 2.4 per-
The price of U.S. crude oil cent, to $34.12.
fell 2.5 percent and pulled Baker Hughes was one of
energy stocks lower. Tech- a horde of energy compa-
nology companies slipped, nies that fell with oil prices.
ending their longest win- Benchmark U.S. crude lost
ning streak in more than $1.15 to $45.77 a barrel in
two years. New York. Brent crude, the
Investors bought govern- standard for international
ment bonds in the U.S. and oil prices, shed $1.24, or 2.5
Europe, which sent prices percent, to $48.06 a barrel
higher and yields lower. in London. Over the last few
With yields down, inves- weeks investors have fo-
tors who wanted income Trader Michael Milano works on the floor of the New York Stock Exchange. U.S. stocks finished cused what the European
bought shares in compa- barely lower Friday as energy companies fell with oil prices and a 10-day rally for technology Central Bank will do as the
nies that pay big dividends, companies came to an end. (AP Photo/Richard Drew) European economy con-
such as utilities and house- tinues to improve. Kinahan,
hold goods makers. “Europe is the economy Jones industrial average Still, all four indexes remain of TD Ameritrade, added
European stocks took sharp that makes people the dipped 31.71 points, or 0.1 near record highs. that the central bank also
losses after Reuters report- most nervous,” said JJ Kina- percent, to 21,580.07. Ear- General Electric skidded hasn’t done much to ad-
ed that the European Cen- han, chief market strategist lier it shed as many as 108 after it disappointed inves- dress the way the euro has
tral Bank will consider par- at TD Ameritrade. “It’s one points. The Nasdaq com- tors by saying it expects to risen over that time.
ing back its stimulus pro- that is still being treated posite lost 2.25 points to reach only the low end of “The ECB didn’t take an
grams in late October. In- with caution.” 6,387.75. The Russell 2000 its annual profit forecast aggressive stand on the
dexes in France, Germany The Standard & Poor’s 500 index of smaller-company range. GE said its power currency move that’s al-
and Italy all fell, and so did index shipped 0.91 of a stocks sank 6.52 points, or unit struggled in the second ready happened,” he
the blue chip Euro Stoxx 50 point to 2,472.54. The Dow 0.5 percent, to 1,435.84. quarter and low oil prices said.q
index.

Schlumberger reports 2Q loss

THE HAGUE, Netherlands Investment Research was
(AP) — Schlumberger NV for earnings of 30 cents per
(SLB) on Friday reported a share.
loss of $74 million in its sec- The world’s largest oilfield
ond quarter. services company posted
The The Hague, Nether- revenue of $7.46 billion in
lands-based company said the period, also topping
it had a loss of 5 cents per Street forecasts. Eight ana-
share. lysts surveyed by Zacks ex-
Earnings, adjusted for non- pected $7.26 billion.
recurring costs and costs Schlumberger shares have
related to mergers and declined 20 percent since
acquisitions, were 35 cents the beginning of the year,
per share. while the Standard & Poor’s
The results topped Wall 500 index has increased
Street expectations. The 10 percent. The stock has
average estimate of 13 dropped 17 percent in the
analysts surveyed by Zacks last 12 months.q