Markets: US trading weak as August lull kicks in
Equity indices report mixed results, with nine of 10 S&P 500 sectors trading in the red.
Mixed trading in oil refining stocks were part of lacklustre but not overly depressing trading session for the major US equity indices overnight, with the S&P energy index falling half a percentage point despite positive results from oil refiner Tesoro Group.
Tesoro Group shares rose 9.5 per cent to close at $38.87 (£24.79), continuing a rise in share price which has now totalled an increase of 66.4 per cent. Gains in the Tesoro Group share price were down in large part to its purchase of BP’s integrated southern California refining and marketing business.
Other oil refiners Valero Energy and Phillips 66 fell 1.4 per cent and rose 0.4 per cent respectively.
The S&P 500 closed at 1,404, a 0.1 per cent drop of 2 points. Nine out of the index’s 10 sectors were in negative territory, with only information technology managing to add 0.3 per cent. The index did manage to hover above the benchmark of 1,400 which it reached last week.
The Dow Jones Industrial Average was down 39 points, dropping 0.3 per cent to close at 13,169. The Nasdaq Composite was up 0.1 per cent, rising 2 points to 3,022.