New York Report: Energy losses drag on stocks

STOCKS mostly fell yesterday with the S&P 500 and the Nasdaq closing lower, led by losses in the energy and utility sectors. The Nasdaq ended lower for a third straight session, its longest losing streak since early April.

A turnaround in beaten-down internet stocks had boosted the Nasdaq earlier, while a drop in initial jobless claims suggested the labour market was improving and had helped lift the broader market.

But a late sell-off in utilities and energy, among the best performing sectors recently, dragged the S&P 500 and the Nasdaq to session lows.

The S&P utility sector index fell 1.2 per cent with the energy sector index down 1.3 per cent.

The Dow Jones industrial average rose 32.43 points or 0.2 per cent, to close at 16,550.97, the S&P 500 lost 2.58 points or 0.14 per cent, to 1,875.63 and the Nasdaq Composite fell 16.177 points or 0.4 per cent, to 4,051.496.