Market report

Dow, S&P fade along with oil prices

U.S. stocks drifted to a slightly lower finish Thursday, weighed down by falling energy stocks as the slump in oil prices deepened.

The Dow fell 10.15 points, or 0.1 percent, to 18,214.42. Among individual Dow members, Chevron lost $1.52, or 1.4 percent, to $107.06 while Exxon Mobil slid 95 cents, or 1.1 percent, to $88.65.

The S&P 500 index slipped 3.12 points, or 0.2 percent, to 2,110.74. The Nasdaq gained 20.75 points, or 0.4 percent, to 4,987.89, creeping within 61 points of its record close.

The three indexes are all up for the year.

Expectations of rising oil supplies sent the price of crude to its lowest level in nearly a month. Benchmark U.S. crude oil fell $2.82 to close at $48.17 a barrel on the New York Mercantile Exchange. Investors also had to sort through a mix of corporate earnings and U.S. economic reports.

"When you have a big move in the market, you expect to see it pull back a little bit, catch its breath and wait for that next catalyst to move higher," said Quincy Krosby, market strategist for Prudential Financial.

The Dow and S&P 500 opened lower Thursday and held that course most of the day, while the Nasdaq gradually moved higher. The market's trajectory took shape early on, as traders pored over corporate earnings and economic news.

The Commerce Department reported that orders for long-lasting manufactured goods rose 2.8 percent in January, the biggest increase since July. The Labor Department said that applications for unemployment benefits rose last week to a seasonally adjusted 313,000, the most in six weeks. That total is still consistent with steady hiring.

A report tracking the change in prices paid by consumers held particular interest for the market. The consumer price index, a measure of inflation, is closely watched by the Federal Reserve as it looks to begin raising its benchmark interest rate from near zero, where it's been since 2008.

Excluding volatile food and energy costs, the Labor Department's consumer price index rose 0.2 percent in January. Over the past year, those "core" prices have increased just 1.6 percent. That's below the 2 percent benchmark the Federal Reserve considers optimal for a healthy economy.

Six of the 10 sectors in the S&P 500 ended lower, with energy stocks declining 1.8 percent, the biggest drop in the index. The sector is now down 1.2 percent this year. Technology stocks led the gainers. They are up 3.9 percent this year.

Several oil drilling companies fell sharply. Ensco slid $2.17, or 8.2 percent, to $24.31, while Noble shed $2.49, or 5 percent, to $47.32. Newfield Exploration ended down $2.40, or 6.7 percent, at $33.60.

Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.58 to close at $60.05 in London.

In other futures trading on the NYMEX, wholesale gasoline fell 1.1 cents to close at $1.708 a gallon. Heating oil rose 3.2 cents to close at $2.136 a gallon. And natural gas fell 16.5 cents to close at $2.697 per 1,000 cubic feet.

U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.03 percent from 1.97 percent late Wednesday.

Business on 02/27/2015

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