Stocks Opened Lower, Oil Gained

U.S. stocks opened lower on Monday, putting the Dow Jones Industrial Average and the S&P 500 index on track to snap a four-session winning streak. The Dow lately fell 49.89 points, or 0.26%, to 19,102.25. The S&P 500 lost 5.22 points, or 0.24%, to 2,208.13. The Nasdaq Composite declined 14.70 points, or 0.27%, to 5,384.22.

Oil prices gained more than one percent on Monday in volatile trading as the market reacted to the shaky prospect of major producers being able to agree output cuts at a meeting on Wednesday. Brent crude futures were 38 cents higher at $47.62 per barrel by 1238. U.S. West Texas Intermediate crude futures also fluctuated widely before trading at $46.36, 30 cents higher.

An international economic agency said Monday that the kind of infrastructure spending promised by U.S. President-elect Donald Trump could boost global growth, but warned that protectionist tendencies hurt prosperity.

Activist investor Elliott Management Corp. called for change at Cognizant Technology Solutions Corp., saying the IT outsourcing firm should boost profitability and return more of its cash to shareholders.






Leave a Reply