Stocks Closed Lower, With Energy Sector Dragging
- Monday, October 17, 2016, 16:46
- Stock Market
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U.S. stocks closed lower on Monday, with energy sector dragging as oil prices declined. The Dow Jones Industrial Average fell 51.98 points, or 0.29%, to 18,086.40. The S&P 500 was down 6.48 points, or 0.30%, to 2,126.50. The Nasdaq Composite dropped 14.34 points, or 0.27%, to 5,199.82.
International Business Machines Corp. (IBM) reported third-quarter earnings above Wall Street expectations but flat sales. IBM said it earned $2.85 billion, or $2.98 a share, in the quarter, compared with $2.95 billion in the third quarter of 2015. Revenue reached $19.2 billion, flat compared to the year-ago quarter.
Netflix Inc. reported a larger-than-expected increase in new additions as the streaming video service’s recent expansion helped to offset increased competition and price increases. Netflix reported third-quarter profit of $51.5 million, or 12 cents a share, up from $40.76 million, or 9 cents a share. Revenue rose to $2.29 billion from $2.1 billion.
Oil prices settled down on Monday, weighed by oversupply concerns. International benchmark Brent crude fell 43 cents, or 0.8 percent, from the last settlement to close at $51.52 per barrel, after hitting a session low of $51.16 a barrel. U.S. West Texas Intermediate (WTI) closed at $49.94 per barrel, down 41 cents, or 0.8 percent, after hitting a session low of $49.47.
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