Stocks lower after five-day winning streak – Fox Business - http://ezmoneyonlinefromhome.com | how to make money onlineJanuary 11, 2019 3:07 pm
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Equity gains in the last five days prompted some investors to book profits as they await the beginning of earnings season.
Crude oil prices, which have been climbing for the last nine trading days, were falling and dragging down the share prices of energy companies heavily involved in exploration and production. Those declines weighed on key averages.
The price of West Texas Intermediate, the U.S. benchmark, fell 1.6 percent to $51.76 in afternoon trading.
|APC||ANADARKO PETROLEUM CORP.||47.74||-0.59||-1.22%|
|CXO||CONCHO RESOURCES INC.||120.62||-1.71||-1.40%|
Shortly before the opening bell the Labor Department reported that, as of December, inflation was 2.2 percent, on a year-over-year basis. Rising rental costs and health care expenses were expected to keep inflation on the central bank’s radar.
American equities also appeared caught in a downdraft of European stocks. London’s FTSE traded down 0.5 percent, Germany’s DAX fell 0.8 percent and France’s CAC was off 0.9 percent.
|I:DJI||DOW JONES AVERAGES||23954.74||-47.18||-0.20%|
|I:COMP||NASDAQ COMPOSITE INDEX||6964.5233||-21.54||-0.31%|
On the other hand, General Motors said on Friday that its decision to cut 15 percent of its North American workforce and halt production at several plants could contribute between $2 billion and $2.5 billion to profits this year. The largest American automaker also strengthened its earnings guidance to between $4.5 billion to $6 billion, while it said per share profits could be $6.50 to $7 — exceeding Wall Street’s $5.86 forecast, according to Refinitiv.
GM shares surged more than 8 percent in afternoon trading.
Asian bourses did well: China’s shanghai Composite up 0.74 percent.
Hong Kong’s hang Seng finished the day higher by 0.55 percent,
Japan’s Nikkei closed the session with a 1 percent gain. up 0.97 percent. For the week, it added 4.1 percent.
FOX Business’ Ken Martin contributed to this report.