Dow rises but S&P 500 and Nasdaq slide - New York Report

THE S&P 500 and Nasdaq ended lower yesterday as another big drop in oil prices dragged down energy shares and Priceline’s earnings forecast disappointed.

The Dow Jones industrial average rose 17.6 points, or 0.1 per cent, to 17,383.84, the S&P 500 lost 5.71 points, or 0.28 per cent, to 2,012.1 and the Nasdaq Composite dropped 15.27 points, or 0.33 per cent, to 4,623.64.

The S&P 500 energy sector fell 1.9 per cent, extending the group’s recent drop, Chevron closing 1.2 per cent down to $115.37.

Priceline Group shares dropped 8.4 per cent to $1,097.70, among the largest percentage decliners on the S&P 500 and Nasdaq, after it forecast quarterly earnings below Wall Street’s expectations.

Alibaba Group rose 4.3 per cent to $106.07 on massive volume after the Chinese e-commerce company reported its first quarterly results as a public company, posting revenue growth of 53.7 per cent.

The company is one of the largest in the world, but its rise did not directly translate to major indexes as it is not a component of the Dow or S&P 500 and it is not traded on the Nasdaq.

Among the day’s other big decliners, Regeneron Pharmaceuticals lost 5.8 per cent to $372.39 after it cut the top end of its full-year sales outlook for its blockbuster eye drug.
But the company also said it was consulting with government agencies to see if its technology might be used to fight Ebola.