Markets Right Now: Stocks close lower, led by energy sector

AP News
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Posted: Aug 01, 2016 4:10 PM

NEW YORK (AP) — The latest on developments in global financial markets (all times local):

4:10 p.m.

Stocks are ending mostly lower on Wall Street as the price of oil continues to nosedive and energy companies take large losses.

The strong dollar is again rippling through the market, pushing oil prices lower and pressuring energy and mining stocks. The price of U.S. crude reached its lowest price in almost four months.

Tesla Motors fell over 2 percent after it agreed to pay $2.6 billion for solar panel maker SolarCity.

The Dow industrial average lost 28 points, or 0. 2 percent, to 18,405.

The Standard & Poor's 500 index fell 3 points, or 0.1 percent, at 2,171. The Nasdaq composite rose 22 points, or 0.4 percent, at 5,184. The price of gold and silver rose, while copper fell.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.51 percent.

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11:45 a.m.

Stocks are trading slightly higher on Wall Street, with health care and technology stocks leading the way.

Tesla Motors agreed to buy solar panel maker SolarCity for $2.6 billion in stock in a tie-up aimed at creating a one-stop shop for cleaner energy.

In other deal news Verizon agreed to pay $2.4 billion for Fleetmatics, a maker of software to manage motor pools.

The price of crude oil continued its recent slide and was down 2.3 percent at $40.63 a barrel in New York.

The Dow was up 18 points, or 0.1 percent, to 18,451.

The Standard & Poor's 500 index was up 2 points, or 0.1 percent, at 2,176. The Nasdaq composite rose 34 points, or 0.7 percent, at 5,196.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.49 percent.

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9:40 a.m.

Stocks are opening slightly lower on Wall Street, led by declines in energy companies.

Tesla Motors agreed to buy solar panel maker SolarCity for $2.6 billion in stock in a tie-up aimed at creating a one-stop shop for cleaner energy.

In other deal news Verizon agreed to pay $2.4 billion for Fleetmatics, a maker of software to manage motor pools.

The price of crude oil continued its recent slide and was down 1.5 percent at $40.98 a barrel in New York.

The Dow was down 37 points, or 0.2 percent, to 18,395.

The Standard & Poor's 500 index was down 5 points, or 0.2 percent, at 2,168. The Nasdaq composite fell 3 points, or 0.1 percent, at 5,193.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.51 percent.