Investors are betting that the stock market has restarted its spring rally.
Stocks ended little changed Friday but held onto an enormous gain for the week. Investors are looking to another flood of corporate earnings reports next week to provide more signs that the economy is healing.
The Dow Jones industrials and the Standard & Poor's 500 index posted their best weekly performance since early March, when the market's spring rally began. Major stock indexes rose about 7 percent for the week.
"The earnings are better than expected and the economic news is not horrifically bad," said Jeff Buetow, managing partner at Innealta Portfolio Advisors. "I think people want the market to go up."
Solid results from Goldman Sachs Group Inc. and Intel Corp. spurred buying early in the week. But not all the results Friday were strong, so the market barely budged.
Bank of America Corp. and Citigroup Inc. became the latest banks to report big profits but also weakness in their loan portfolios. General Electric Co. beat earnings forecasts, but its revenue came up short.
"The important thing is these earnings results, while not all entirely positive, are beginning to show some signs of stabilization," said Tom Kersting, an analyst at Edward Jones.
The week's upward move has, at least for now, halted a slide that began in mid-June as investors worried the 40 percent jump in stocks this spring was overdone. Analysts said it was a healthy sign that the market was taking a breather on Friday.
"I think it's very constructive that we're taking a pause here and not heading back down," said Richard Sparks, senior equities analyst at Schaeffer's Investment Research.
Sparks said it's too early to say whether this week will be representative of the rest of earnings season. Next week's large batch of reports includes Dow components Caterpillar Inc., DuPont and Merck & Co.
The Dow Jones industrials rose 32.12, or 0.4 percent, to 8,743.94. The blue chips rose 7.3 percent for the week, the first weekly gain after a month of losses. It was the best percentage gain since the week ended March 13 and the 597-point jump was the biggest point gain since late November.
On Friday, the broader Standard & Poor's 500 index slipped 0.36, or less than 0.1 percent, to 940.38, while the Nasdaq composite index rose 1.58, or 0.1 percent, to 1,886.61.
The number of stocks that fell narrowly outpaced those that rose on the New York Stock Exchange, where consolidated trading volume came to 5 billion shares, flat with Thursday.
Financial stocks mostly fell, weighing on the broader market. Investors have been encouraged by strong profits from large banks, but there are still signs that the recession's grip hasn't eased as much as hoped, such as higher loan defaults.
BofA, which has struggled more than some of its peers from loan losses, beat Wall Street estimates just as Goldman Sachs and JPMorgan Chase & Co. did earlier in the week. However its profit fell from a year earlier as losses from delinquent loans continued to climb. BofA fell 28 cents, or 2.1 percent, to $12.89.
Citigroup, another troubled bank, surprised Wall Street with a $3 billion profit instead of the big loss analysts had expected, but results were boosted by the sale of a majority stake in its Smith Barney brokerage. Its shares fell a penny to $3.02.
One exception was CIT Group Inc., whose shares jumped 29 cents to 70 cents, on speculation that the troubled lender might be able to avoid bankruptcy. Its shares had tumbled 75 percent on Thursday after negotiations with federal regulators about a possible rescue fell through.
GE's shares dropped 6 percent after the conglomerate said its earnings fell 49 percent on losses at its financial unit and weakness in industrial businesses. The profits topped forecasts, but revenue came in $3 billion below estimates. The stock lost 75 cents to $11.65.
The reports followed mixed results from Google Inc. and IBM Corp. late Thursday.
Ken Kamen, president of Mercadien Asset Management in Hamilton, N.J., warned that investors' higher expectations could make it harder for the next batch of corporate results to impress investors.
"A lot of exuberance is being figured into the earnings coming out in the next couple of weeks," he said.
Homebuilders' shares climbed after an upbeat reading on the housing market. Construction of new homes and apartments jumped 3.6 percent in June to the highest level in seven months, beating economists' estimates. Building permits climbed 8.7 percent, also beating forecasts.
Shares of Hovnanian Enterprises Inc. rose 8 cents, or 3.3 percent, to $2.53, while DR Horton Inc. rose 26 cents, or 2.7 percent, to $9.90.
The market's moves were jagged this week, with modest gains coming after big surges. Influential banking analyst Meredith Whitney got the market off to a roaring start on Monday after raising her view on Goldman, stoking hopes that financial companies would show more signs of healing.
But the market's response to Goldman's actual report the following day was somewhat subdued amid mixed economic data. Strong earnings and an upbeat forecast from Intel pulled more investors into the market on Wednesday, and hope for more good earnings from the technology sector stirred buying again on Thursday.
Bond prices fell. The yield on the benchmark 10-year Treasury note rose to 3.65 percent from 3.58 percent late Thursday.
Oil prices rose $1.54 to settle at $63.56 a barrel. The dollar was mixed, while gold prices rose.
The Russell 2000 index of smaller companies fell 2.80, or 0.5 percent, to 519.22.
Overseas, Britain's FTSE 100 gained 0.6 percent, Germany's DAX index rose 0.4 percent, and France's CAC-40 added 0.6 percent. Japan's Nikkei stock average rose 0.6 percent.
The Dow Jones industrial average closed the week up 597.42, or 7.3 percent, at 8,743.94. The Standard & Poor's 500 index rose 61.25, 7 percent, to 940.38. The Nasdaq composite index rose 130.58, or 7.4 percent, to 1,886.61.
The Russell 2000 index, which tracks the performance of small company stocks, rose 38.24, or 8 percent, for the week to 519.22.
The Dow Jones U.S. Total Stock Market Index -- which measures nearly all U.S.-based companies -- ended at 9,634.87, up 634.58, or 7.1 percent, for the week. A year ago, the index was at 12,850.50.
Showing posts with label Stocks. Show all posts
Showing posts with label Stocks. Show all posts
Saturday, July 18, 2009
Wednesday, July 15, 2009
Strong results at Intel pull stocks sharply higher
The nation's big companies are giving investors a reason to restart Wall Street's spring rally.
Stocks surged Wednesday for the second time in three days, propelling all the major indexes up about 3 percent and the Dow Jones industrials up 257 points for their biggest one-day gain in nearly four months. An upbeat forecast from Intel Corp. and the Federal Reserve's more positive take on the economy built on momentum that began Monday when an analyst issued an optimistic forecast for Goldman Sachs Group Inc.
The news had investors believing again that the economy may not be as weak as many have feared. Wall Street had drifted lower over the past month, putting its big spring rally on hold as hopes for a quick recovery faded.
The latest encouragement came from Intel, the leading computer chip maker whose much better results suggested that computer sales -- and perhaps capital investment in general -- is picking up faster than had been expected. Intel's news followed not just the upgrade of Goldman but the bank's strong profit report on Tuesday.
Meanwhile, the day's economic data were more reassuring than some of the numbers the market had seen recently. The Federal Reserve said industrial companies cut production far less in June than they had in previous months, with output at the nation's factories, mines and utilities slipping just 0.4 percent last month after sliding 1.2 percent in May.
Traders found more good news when the Fed released minutes from its June meeting, saying it now expects the economy to contract at a slower pace than previously thought.
"What we're seeing is some confirmation that stabilization is in fact upon us," said Matthew Kaufler, portfolio manager at Federated Clover Investment Advisors in Rochester, N.Y. "At least right now investors are willing to say it's not going to be as bad as feared."
Still, it's very early in the reporting period for second-quarter earnings. With so many companies still to release their results and outlooks, the market could still retreat if investors don't like what they're hearing.
The Dow jumped 256.72, or 3.1 percent, to 8,616.21, its biggest gain since March 23. The Dow is up 5.8 percent in three days, its best run since a three-day period ended April 2. The Dow is now down only 163 points from where it closed on June 12, when stocks began to slide after their surge in March and April.
The Standard & Poor's 500 index rose 26.84, or 3 percent, to 932.68, while the technology-laden Nasdaq composite index gained 63.17, or 3.5 percent, to 1,862.90, responding to Intel's news. The Nasdaq has now advanced for six straight days, giving it a gain of 6.7 percent over that stretch.
Investors are showing again this week that economic data are important but corporate earnings and forecasts can be even more effective in galvanizing buyers.
Wednesday's gain in the Dow was the best percentage climb since April 9, when the blue chips jumped 3.1 percent as banker Wells Fargo & Co.'s early profit report topped expectations. For the S&P 500 index, Wednesday's jump was the biggest since a 3 percent rally on May 18 when a better-than-expected profit report from Lowe's Cos., the home-improvement chain, helped boost sentiment.
Robert B. MacIntosh, chief economist at Eaton Vance Management in Boston, remains cautious. He said investors had been bracing for weak earnings so it doesn't take much to beat expectations and that the excitement could mask trouble spots in the economy like unemployment.
"Real growth is when you start to create some jobs," he said. "People are going to be disappointed in the weakness and the length of the recovery."
Financial stocks jumped after American Express Co. and Capital One Financial Corp. said delinquency rates improved in June. That hinted that consumers weren't struggling as much as they had been.
Amex jumped $2.76, or 11.3 percent, to $27.22, while Capital One surged $2.73, or 11.8 percent, to $25.84.
The gains in stocks robbed Treasurys of some of their safe-haven appeal as investors became more willing to take on risk. The 10-year Treasury note, a widely used benchmark for mortgages and other loans, tumbled more than a point, pushing its yield up to 3.62 percent from 3.47 percent late Tuesday.
Investors will be watching other big banks -- JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. -- reporting second-quarter results this week to see whether the industry is recovering.
Intel rose $1.22, or 7.3 percent, to $18.05.
The dollar fell, and prices for gold and other commodities rose. Light, sweet crude rose $2.02 to settle at $61.54 per barrel on the New York Mercantile Exchange.
Nine stocks rose for every one that fell on the New York Stock Exchange, where volume came to 5.5 billion shares, compared with 4.2 billion Tuesday.
The Russell 2000 index of smaller companies rose 18.22, or 3.7 percent, to 514.74.
Stocks also surged overseas following Intel's report. Britain's FTSE 100 jumped 2.6 percent, Germany's DAX index rose 3.1 percent, and France's CAC-40 gained 2.9 percent. Hong Kong's Hang Seng index gained 2.1 percent.
Stocks surged Wednesday for the second time in three days, propelling all the major indexes up about 3 percent and the Dow Jones industrials up 257 points for their biggest one-day gain in nearly four months. An upbeat forecast from Intel Corp. and the Federal Reserve's more positive take on the economy built on momentum that began Monday when an analyst issued an optimistic forecast for Goldman Sachs Group Inc.
The news had investors believing again that the economy may not be as weak as many have feared. Wall Street had drifted lower over the past month, putting its big spring rally on hold as hopes for a quick recovery faded.
The latest encouragement came from Intel, the leading computer chip maker whose much better results suggested that computer sales -- and perhaps capital investment in general -- is picking up faster than had been expected. Intel's news followed not just the upgrade of Goldman but the bank's strong profit report on Tuesday.
Meanwhile, the day's economic data were more reassuring than some of the numbers the market had seen recently. The Federal Reserve said industrial companies cut production far less in June than they had in previous months, with output at the nation's factories, mines and utilities slipping just 0.4 percent last month after sliding 1.2 percent in May.
Traders found more good news when the Fed released minutes from its June meeting, saying it now expects the economy to contract at a slower pace than previously thought.
"What we're seeing is some confirmation that stabilization is in fact upon us," said Matthew Kaufler, portfolio manager at Federated Clover Investment Advisors in Rochester, N.Y. "At least right now investors are willing to say it's not going to be as bad as feared."
Still, it's very early in the reporting period for second-quarter earnings. With so many companies still to release their results and outlooks, the market could still retreat if investors don't like what they're hearing.
The Dow jumped 256.72, or 3.1 percent, to 8,616.21, its biggest gain since March 23. The Dow is up 5.8 percent in three days, its best run since a three-day period ended April 2. The Dow is now down only 163 points from where it closed on June 12, when stocks began to slide after their surge in March and April.
The Standard & Poor's 500 index rose 26.84, or 3 percent, to 932.68, while the technology-laden Nasdaq composite index gained 63.17, or 3.5 percent, to 1,862.90, responding to Intel's news. The Nasdaq has now advanced for six straight days, giving it a gain of 6.7 percent over that stretch.
Investors are showing again this week that economic data are important but corporate earnings and forecasts can be even more effective in galvanizing buyers.
Wednesday's gain in the Dow was the best percentage climb since April 9, when the blue chips jumped 3.1 percent as banker Wells Fargo & Co.'s early profit report topped expectations. For the S&P 500 index, Wednesday's jump was the biggest since a 3 percent rally on May 18 when a better-than-expected profit report from Lowe's Cos., the home-improvement chain, helped boost sentiment.
Robert B. MacIntosh, chief economist at Eaton Vance Management in Boston, remains cautious. He said investors had been bracing for weak earnings so it doesn't take much to beat expectations and that the excitement could mask trouble spots in the economy like unemployment.
"Real growth is when you start to create some jobs," he said. "People are going to be disappointed in the weakness and the length of the recovery."
Financial stocks jumped after American Express Co. and Capital One Financial Corp. said delinquency rates improved in June. That hinted that consumers weren't struggling as much as they had been.
Amex jumped $2.76, or 11.3 percent, to $27.22, while Capital One surged $2.73, or 11.8 percent, to $25.84.
The gains in stocks robbed Treasurys of some of their safe-haven appeal as investors became more willing to take on risk. The 10-year Treasury note, a widely used benchmark for mortgages and other loans, tumbled more than a point, pushing its yield up to 3.62 percent from 3.47 percent late Tuesday.
Investors will be watching other big banks -- JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. -- reporting second-quarter results this week to see whether the industry is recovering.
Intel rose $1.22, or 7.3 percent, to $18.05.
The dollar fell, and prices for gold and other commodities rose. Light, sweet crude rose $2.02 to settle at $61.54 per barrel on the New York Mercantile Exchange.
Nine stocks rose for every one that fell on the New York Stock Exchange, where volume came to 5.5 billion shares, compared with 4.2 billion Tuesday.
The Russell 2000 index of smaller companies rose 18.22, or 3.7 percent, to 514.74.
Stocks also surged overseas following Intel's report. Britain's FTSE 100 jumped 2.6 percent, Germany's DAX index rose 3.1 percent, and France's CAC-40 gained 2.9 percent. Hong Kong's Hang Seng index gained 2.1 percent.
Sunday, July 12, 2009
Asian stocks extend losses amid economic jitters
Asian stocks extend losses as investors can't shake economic jitters; Tokyo drops 2.1 percent
Asian markets extended their slide Monday as confidence about a quick economic recovery continued to wane.
All of the region's major markets lost ground, with Japan's index headed for its ninth straight loss amid reports the prime minister had decided to dissolve parliament and call general elections. Oil prices resumed their two week sell-off to trade near $59 a barrel.
Renewed anxiety about the pace of recovery in the world economy has kept stocks from rallying further after huge gains between March and June.
Investors are now looking to second-quarter corporate earnings and profit outlooks for the year, to be issued in the coming weeks, for guidance about the economy's prospects.
Unless corporate profits and major economies show more evidence of healing, markets could be hard pressed to move higher for now.
"Most people are fairly cautious, they think it's been a bit too much too soon," said Daniel McCormack, a strategist for Macquarie Securities in Hong Kong. "If economic data doesn't keep improving we could continue to drift off from here."
In Japan, the Nikkei 225 stock average dropped 191.68 points, or 2.1 percent, to 9,095.60. Hong Kong's Hang Seng shed 364.71, or 2.1 percent, to 17,343.71, while South Korea's Kospi dived 3.2 percent to 1,382.45.
Elsewhere, Taiwan's market tumbled 3.5 percent, Australia's index lost 1.3 percent and India's benchmark was down 1.4 percent.
Trade on Wall Street Friday was uninspiring amid jitters about earnings season and as a survey showed U.S. consumer confidence falling to its lowest level since March.
The Dow fell 36.65, or 0.5 percent, to 8,146.52, the lowest close for the blue chips since April 28.
The broader S&P 500 index lost 3.55, or 0.4 percent, to 879.13, while the Nasdaq composite index rose 3.48, or 0.2 percent, to 1,756.03.
Wall Street futures pointed to more losses on Monday. Dow futures were down 55, or 0.7 percent, at 8,030 and S&P futures fell 7.4, or 0.9 percent, at 866.90.
Oil prices dived in Asia trade, with benchmark crude for August delivery down 71 cents to $59.18 a barrel. The contract fell 52 cents to settle at $59.89.
The dollar was flat at 92.43, while the euro traded slightly lower at $1.3920 from $1.3944.
Asian markets extended their slide Monday as confidence about a quick economic recovery continued to wane.
All of the region's major markets lost ground, with Japan's index headed for its ninth straight loss amid reports the prime minister had decided to dissolve parliament and call general elections. Oil prices resumed their two week sell-off to trade near $59 a barrel.
Renewed anxiety about the pace of recovery in the world economy has kept stocks from rallying further after huge gains between March and June.
Investors are now looking to second-quarter corporate earnings and profit outlooks for the year, to be issued in the coming weeks, for guidance about the economy's prospects.
Unless corporate profits and major economies show more evidence of healing, markets could be hard pressed to move higher for now.
"Most people are fairly cautious, they think it's been a bit too much too soon," said Daniel McCormack, a strategist for Macquarie Securities in Hong Kong. "If economic data doesn't keep improving we could continue to drift off from here."
In Japan, the Nikkei 225 stock average dropped 191.68 points, or 2.1 percent, to 9,095.60. Hong Kong's Hang Seng shed 364.71, or 2.1 percent, to 17,343.71, while South Korea's Kospi dived 3.2 percent to 1,382.45.
Elsewhere, Taiwan's market tumbled 3.5 percent, Australia's index lost 1.3 percent and India's benchmark was down 1.4 percent.
Trade on Wall Street Friday was uninspiring amid jitters about earnings season and as a survey showed U.S. consumer confidence falling to its lowest level since March.
The Dow fell 36.65, or 0.5 percent, to 8,146.52, the lowest close for the blue chips since April 28.
The broader S&P 500 index lost 3.55, or 0.4 percent, to 879.13, while the Nasdaq composite index rose 3.48, or 0.2 percent, to 1,756.03.
Wall Street futures pointed to more losses on Monday. Dow futures were down 55, or 0.7 percent, at 8,030 and S&P futures fell 7.4, or 0.9 percent, at 866.90.
Oil prices dived in Asia trade, with benchmark crude for August delivery down 71 cents to $59.18 a barrel. The contract fell 52 cents to settle at $59.89.
The dollar was flat at 92.43, while the euro traded slightly lower at $1.3920 from $1.3944.
Monday, July 6, 2009
Stocks end mixed; Oil slide hits energy shares
Stocks ended mostly lower Monday as drops in prices for oil and other commodities had investors worrying again that demand for basic materials may remain slack. The major market indexes closed mixed but off of their lows for the day.
The drop in oil to a five-week low pushed energy and commodities stocks lower and sent investors into safe-haven parts of the market, like consumer goods producers. Occidental Petroleum slid 2.5 percent while Procter & Gamble Co., which makes Tide and Crest, rose 2 percent.
Back-and-forth trading Monday followed conflicting signs about the economy. Oil skidded on fears of weak demand, while a trade group's report found that activity in the services industry rose in June to its best level in nine months.
Investors have become more cautious in recent weeks following a strong rally that began in March. Some traders fear they might have been too optimistic about how soon the economy might recover from a recession that began in December 2007.
"The markets are becoming more realistic," said Subodh Kumar, global investment strategist at Subodh Kumar & Associates in Toronto. "We can't snap our fingers and have recovery."
The Dow Jones industrial average rose 44.13, or 0.5 percent, to 8,324.87, and the broader Standard & Poor's 500 index rose 2.30, or 0.3 percent, to 898.72. The technology-heavy Nasdaq composite index fell 9.12, or 0.5 percent, to 1,787.40.
Oil fell $2.68 to settle at $64.05 per barrel on the New York Mercantile Exchange. Last week, oil hit an eight-month high above $73.
In economic news, the Institute for Supply Management's services index rose to 47 in June from 44 in May, beating the expectation of 45.5 from economists polled by Thomson Reuters.
The relatively good showing, however, wasn't enough to assuage growing doubts about the economy that worsened last week on disappointing reports on consumer confidence and deep job cuts for June.
The stock market has relatively few guideposts to give it direction this week ahead of second-quarter earnings reports, which get under way Wednesday with Dow component Alcoa Inc. but don't pick up speed until next week.
Sound results at a Treasury Department auction of $8 billion in 10-year Treasury Inflation-Protected Securities, or TIPS, helped reassure investors that the government will be able to finance its spending plans to help revive the economy.
Bond prices were mixed. The yield on the benchmark 10-year Treasury note was up slightly at 3.51 percent, compared with late Thursday's 3.50 percent, and the yield on the three-month T-bill rose to 0.16 percent from 0.15 percent. U.S. markets were closed Friday for the July Fourth holiday.
An analyst upgraded his rating on American Express Co., saying that the credit card company would be among the least affected by regulatory changes and that worries about bad debt are easing. The stock rose $1.25, or 5.6 percent, to $23.52.
The drop commodities hit companies like Exxon Mobil Corp., which fell 39 cents, or 0.6 percent, to $68.10, and Occidental, down $1.58, or 2.5 percent, at $61.70.
Alcoa fell 60 cents, or 6.1 percent, to $9.26, while Freeport-McMoRan Copper & Gold Inc. fell $3.78, or 7.6 percent, to $45.94.
Among consumer staples companies, P&G rose $1.06, or 2.1 percent, to $52.17.
The mixed trading comes after the market reached a plateau in mid-June, mainly holding on to the gains it notched this spring. Investors are looking for confirmation of an economic recovery to take stocks higher. The upcoming earnings season and any forecasts companies make about the rest of the year are sure to answer questions about where the market goes next.
"There is a sense that the fundamentals in the marketplace haven't caught up with the technical rally that we got in March," said Dan Deming, a trader with Strutland Equities in Chicago.
Three stocks fell for every two that rose on the New York Stock Exchange, where consolidated volume came to a light 4.63 billion shares, compared with 3.56 billion traded Thursday.
The Russell 2000 index of smaller companies fell 3.18, or 0.6 percent, to 494.03.
The dollar was mixed against other major currencies, while gold prices also rose.
Overseas, Britain's FTSE 100 fell 1 percent, Germany's DAX index fell 1.2 percent, and France's CAC-40 slid 1.1 percent. Japan's Nikkei stock average fell 1.4 percent.
The drop in oil to a five-week low pushed energy and commodities stocks lower and sent investors into safe-haven parts of the market, like consumer goods producers. Occidental Petroleum slid 2.5 percent while Procter & Gamble Co., which makes Tide and Crest, rose 2 percent.
Back-and-forth trading Monday followed conflicting signs about the economy. Oil skidded on fears of weak demand, while a trade group's report found that activity in the services industry rose in June to its best level in nine months.
Investors have become more cautious in recent weeks following a strong rally that began in March. Some traders fear they might have been too optimistic about how soon the economy might recover from a recession that began in December 2007.
"The markets are becoming more realistic," said Subodh Kumar, global investment strategist at Subodh Kumar & Associates in Toronto. "We can't snap our fingers and have recovery."
The Dow Jones industrial average rose 44.13, or 0.5 percent, to 8,324.87, and the broader Standard & Poor's 500 index rose 2.30, or 0.3 percent, to 898.72. The technology-heavy Nasdaq composite index fell 9.12, or 0.5 percent, to 1,787.40.
Oil fell $2.68 to settle at $64.05 per barrel on the New York Mercantile Exchange. Last week, oil hit an eight-month high above $73.
In economic news, the Institute for Supply Management's services index rose to 47 in June from 44 in May, beating the expectation of 45.5 from economists polled by Thomson Reuters.
The relatively good showing, however, wasn't enough to assuage growing doubts about the economy that worsened last week on disappointing reports on consumer confidence and deep job cuts for June.
The stock market has relatively few guideposts to give it direction this week ahead of second-quarter earnings reports, which get under way Wednesday with Dow component Alcoa Inc. but don't pick up speed until next week.
Sound results at a Treasury Department auction of $8 billion in 10-year Treasury Inflation-Protected Securities, or TIPS, helped reassure investors that the government will be able to finance its spending plans to help revive the economy.
Bond prices were mixed. The yield on the benchmark 10-year Treasury note was up slightly at 3.51 percent, compared with late Thursday's 3.50 percent, and the yield on the three-month T-bill rose to 0.16 percent from 0.15 percent. U.S. markets were closed Friday for the July Fourth holiday.
An analyst upgraded his rating on American Express Co., saying that the credit card company would be among the least affected by regulatory changes and that worries about bad debt are easing. The stock rose $1.25, or 5.6 percent, to $23.52.
The drop commodities hit companies like Exxon Mobil Corp., which fell 39 cents, or 0.6 percent, to $68.10, and Occidental, down $1.58, or 2.5 percent, at $61.70.
Alcoa fell 60 cents, or 6.1 percent, to $9.26, while Freeport-McMoRan Copper & Gold Inc. fell $3.78, or 7.6 percent, to $45.94.
Among consumer staples companies, P&G rose $1.06, or 2.1 percent, to $52.17.
The mixed trading comes after the market reached a plateau in mid-June, mainly holding on to the gains it notched this spring. Investors are looking for confirmation of an economic recovery to take stocks higher. The upcoming earnings season and any forecasts companies make about the rest of the year are sure to answer questions about where the market goes next.
"There is a sense that the fundamentals in the marketplace haven't caught up with the technical rally that we got in March," said Dan Deming, a trader with Strutland Equities in Chicago.
Three stocks fell for every two that rose on the New York Stock Exchange, where consolidated volume came to a light 4.63 billion shares, compared with 3.56 billion traded Thursday.
The Russell 2000 index of smaller companies fell 3.18, or 0.6 percent, to 494.03.
The dollar was mixed against other major currencies, while gold prices also rose.
Overseas, Britain's FTSE 100 fell 1 percent, Germany's DAX index fell 1.2 percent, and France's CAC-40 slid 1.1 percent. Japan's Nikkei stock average fell 1.4 percent.
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