Stocks stabilize as energy sector rebounds
- Associated Press
- August 6, 2014 - 11:05 AM
NEW YORK — Stocks are stabilizing as energy prices rebound.
The stock market had dropped to its lowest level since May the day before as Russia massed troops near its border with Ukraine.
Molson Coors jumped 6 percent after reporting strong earnings.
The Standard & Poor's 500 index rose six points, or 0.3 percent, to 1,926 as of midday Eastern time Wednesday.
The Dow Jones industrial average gained 49 points, or 0.3 percent, to 16,478. The Nasdaq composite rose 22 points, or 0.5 percent, to 4,375.
Walgreen plunged 12 percent after the drug store company said it would no longer pursue an overseas reorganization that would have reduced the amount of U.S. taxes it pays.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.47 percent.
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