Stocks Opened Lower amid Geopolitical Concerns
- Wednesday, February 27, 2019, 9:54
- Stock Market
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U.S. stocks opened lower on Wednesday amid weak guidance from major corporations, and escalating geopolitical concerns. The Dow Jones Industrial Average lately fell 47.47 points, or 0.18%, to 26,010.51. The S&P 500 was down 4.08 points, or 0.15%, to 2,789.82. The Nasdaq Composite declined 7.88 points, or 0.10%, to 7,541.42.
U.S. oil futures on Wednesday headed sharply higher after Saudi Arabia affirmed its commitment to reducing output, buoying crude prices. April West Texas Intermediate crude rose $1.07, or 1.9%, to trade at $56.55 a barrel, while April Brent rose 85 cents, or 1.3%, to $66.21 a barrel.
Lowe’s swung to a loss in its fourth quarter, weighed down by sizable one-time charges and a lethargic housing market.The home improvement company lost $824 million, or $1.03 per share, for the period ended Feb. 1. Revenue rose to $15.65 billion from $15.5 billion, short of Wall Street expectations.
Best Buy Co Inc gave an upbeat profit forecast for the year while reporting better-than-expected holiday-quarter sales on Wednesday. Best Buy’s domestic comparable sales rose 3 percent in the three months ended Feb. 2. Best Buy also forecast fiscal 2020 adjusted profit of $5.45 to $5.65 per share.
Declines in the three major U.S. indices Wednesday tracked broad weakness among global equities amid escalating tensions between two nuclear-armed powers in southeast Asia, adding to a growing list of geopolitical concerns investors are monitoring.
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