Markets Right Now: Stocks are mixed on Wall Street

AP News
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Posted: May 09, 2016 12:03 PM
Markets Right Now: Stocks are mixed on Wall Street

NEW YORK (AP) — The Latest on Financial Markets (all times local):

11:45 a.m.

Stocks are getting the week off to a mixed start on Wall Street as more worries about China pull down prices for oil.

Energy companies fell more than the rest of the market early Monday after weak economic reports from China renewed fears that the world's second-largest economy was slowing down.

Chevron fell 2 percent and Exxon Mobil fell 1 percent.

The market is coming off two weeks of losses.

LendingClub is down 27 percent after its chairman and CEO resigned after an internal review of his sale of loans to an investor.

The Dow Jones industrial average fell 49 points, or 0.3 percent, to 17,691. The Standard & Poor's 500 index was little changed at 2,058. The Nasdaq composite index added 16 points, or 0.3 percent, to 4,752.

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9:35 a.m.

U.S. stocks are starting the week slightly higher following two weeks of losses. Weak economic reports from China are pushing the prices of fuels and precious metals lower.

Krispy Kreme Doughnuts is surging 24 percent Monday after it agreed to be taken private. LendingClub is down 24 percent after its chairman and CEO resigned after an internal review of his sale of $22 million in loans to an investor.

The Dow Jones industrial average rose 17 points, or 0.1 percent, to 18,757. The Standard & Poor's 500 index rose 3 points, or 0.2 percent, to 2,060. The Nasdaq composite index added 11 points, or 0.2 percent, to 4,747.

Bond prices rose. The yield on the 10-year U.S. Treasury note fell to 1.76 percent.

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11:05 a.m.

European stocks are rising as an increase in oil prices and upbeat Germany economic data offset concerns over a drop in Chinese exports and imports.

Britain's FTSE 100 is up 0.5 percent at 6,158 on Monday, while Germany's DAX has risen 1.8 percent to 10,051. France's CAC 40 has firmed 1.2 percent to 4,354.

Factory orders in Germany rose by a strong 1.9 percent in March compared to the previous month. The report showed an increase from outside Europe, suggesting the global economic slowdown may not be hurting Europe's largest economy as much as feared.

Meanwhile, the price of crude continues to rise, helping energy stocks, after a change of leadership in Saudi Arabia's oil ministry and amid wildfires in one of Canada's key oil-producing regions. The U.S. benchmark crude contract was up $1 at $45.66 a barrel.

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7:00 a.m.

Asian stocks are mixed Monday after China's trade contracted in April and U.S. job growth came in weaker than expected.

The Shanghai Composite Index tumbled 2.3 percent to 2,847.68 points and Taiwan, New Zealand and Indonesia also fell. Tokyo's Nikkei 225 gained 0.7 percent to 16,216.03 and Hong Kong's Hang Seng added 0.5 percent to 20,203.60. Sydney's S&P ASX-200 gained 0.1 percent to 5,294.90. The benchmark in Singapore also gained.

China's trade shrank in April in a sign of weak global and domestic demand despite government stimulus efforts, with exports contracting by 1.8 percent in April from a year earlier and imports down 10.9 percent.

Disappointing jobs data fueled speculation the Federal Reserve might keep interest rates low for another year.

Investors are watching to see if Philippine voters side with the front runner in elections Monday, a foul-mouthed mayor who has pledged to wipe out corruption.

Benchmark U.S. crude gained 79 cents to $45.45 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, advanced 56 cents to $45.94 in London.

The dollar advanced to 107.55 yen from Friday's 107.11 yen. The euro edged lower, to $1.1400 from $1.1410.