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BUSINESS Thursday 23 February 2017
A25

Stocks slip from highs; energy sinks, Dow gains

MARLEY JAY reaction to them. That also waiting for regulatory
AP Markets Writer might take a few months. approval, rose 81 cents to
NEW YORK (AP) — U.S. Meanwhile investors, too, $111.38.
stocks slipped Wednesday will wait. The minutes from the Federal
after their recent record- “They want to see the data, Reserve meeting showed
setting run. Energy they want to see more on that officials discussed the
companies stumbled, but inflation, and they would importance of raising their
basic materials makers like more certainty about primary interest rate soon,
rose as investors hoped any fiscal policy changes,” especially if the economy

Trader Glenn Kessler, center, works on the floor of the New York Stock Exchange, Wednesday, Feb.
22, 2017. U.S. stocks slipped Wednesday after their recent record-setting run. Energy companies
stumbled, but basic materials makers rose as investors hoped two large deals will win approval.
(AP Photo/Richard Drew)

two large deals will win she said. stays strong. Some Fed
approval from regulators. The Dow average rose officials were worried that
While energy stocks fell 32.60 points, or 0.2 percent, if interest rates stay too low,
with the price of oil, most to 20,775.60. The Standard the expanding economy
other sectors didn’t make & Poor’s 500 index lost could cause inflation to rise
big moves. Technology 2.56 points, or 0.1 percent, too fast.
companies eked out a to 2,362.82. The Nasdaq Investors don’t generally
small gain. They have risen composite shed 5.32 points, expect the Fed to raise
every day this month to or 0.1 percent, to 5,860.63. interest rates at its next
reach their highest mark The Russell 2000 index of meeting in March. But
since 2000. DuPont and small-company stocks slid bond prices changed
Dow Chemical rose after 6.49 points, or 0.5 percent, course and turned higher.
Reuters reported that to 1,403.86. More stocks fell The yield on the 10-year
European officials could than rose on the New York Treasury note fell to 2.41
approve their merger soon. Stock Exchange. percent from 2.43 percent
The Dow Jones industrial All four indexes closed at late Tuesday.
average made its ninth record highs Tuesday.
straight gain. DuPont climbed $2.63, or Energy companies traded
After an extended streak 3.4 percent, to $79.80 and lower as benchmark U.S.
of gains, investors didn’t Dow Chemical gained crude lost 74 cents, or 1.4
make many big moves. $2.45, or 4 percent, to percent, to $53.59 a barrel
They spent most of the day $63.67. Reuters reported in New York. Brent crude,
waiting for the minutes that regulators in the the standard for pricing
from the Federal Reserve European Union are international oils, fell 34
meeting three weeks close to approving their cents to $55.84 a barrel in
ago, but those minutes $62 billion combination. London.
contained few surprises. Antitrust officials in the U.S. Oil and gas company
Bond prices rose and yields and elsewhere would still Concho Resources slid
dipped. have to approve that deal. $9.65, or 6.8 percent, to
Kate Warne, an investment Investors appeared to $131.70 after a weak fourth-
strategist for Edward Jones, grow more optimistic quarter report and Newfield
said the Fed’s decision- about a second deal in Exploration declined $3.42,
makers are also waiting to the chemicals industry: or 8 percent, to $39.07
learn more about the Trump Monsanto, which has as analysts expressed
administration’s policy accepted a $57 billion concerns about its forecasts
proposals and Congress’ offer from Bayer but is for the current year.q