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Dow Edges Up as Nasdaq, S&P 500 Close Lower

Oil prices drop steeply
By Newser Editors and Wire Services
Posted Jul 16, 2018 3:00 PM CDT
Dow Edges Up as Nasdaq, S&P 500 Close Lower
Traders Michael Milano, left, and Gregory Rowe confer on the floor of the New York Stock Exchange, Thursday, July 12, 2018.   (AP Photo/Richard Drew)

(Newser) – Stocks are closing mostly lower on Wall Street as a steep drop in oil prices delivered a blow to energy companies, the AP reports. Hess slumped 4% Monday. Health care and technology companies also fell. Adobe Systems gave up 1.5%. Tribune Media plunged 16.7% after the Federal Communications Commission said it had concerns about its deal to be acquired by Sinclair. Major banks rose sharply, led by a 4.3% surge in Bank of America after it reported strong results. The S&P 500 index fell 2 points, or 0.1%, to 2,798. The Dow Jones Industrial Average edged up 44 points, or 0.2%, to 25,064. The Nasdaq composite fell 20 points, or 0.3%, to 7,805. (Read more stock market stories.)

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