Markets
TRP

Fractional Decline for S&P 500 In Holiday-Shortened Week; Energy, Financial Stocks Keep Index Underwater

The S&P 500 declined during a four-day holiday-shortened week, falling 0.67% through Thursday's close as shares of energy and material companies followed their underlying commodities lower. Financial stocks - in particular, financial services companies - also retreated, dropping almost 2% as a group. Heading in the other direction, health care stocks rebounded this week, rising 0.82%, with utility stocks extending their steady advance, rising another 0.58%, while technology stocks squeezed out a 0.07% gain.

Among individual companies, Transocean ( RIG ) plunged 19.9% this week after CEO Jeremy Thigpen warned day rates for the oilfield-services firm may not recover until 2019, explaining "(20)16 and '17 are going to be tough." Williams Cos ( WMB ) slumped 13.5% after merger partner Energy Transfer Equity ( ETE ) slashed earnings expectations for the proposed $14 billion tie-up of pipeline companies, also sending Energy Transfer into a 12.6% skid. Pipeline companies were not a complete washout this week, with Columbia Pipeline Group (GPGX) posting a 6.5% weekly gain after accepting a $13 billion buyout offer from TransCanada Corp ( TRP ) on Wednesday. But the big winner this week was Pepco Holdings ( POM ), with the electric utility going out on top with a 22.4% advance during its final week in the S&P 500 after Exelon (EXC) completed its buyout, creating the largest U.S. utility company. Hologic Inc. (HOLX), a medical device company, was tapped to replace Pepco in the S&P 500 after the close of trading Tuesday.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

TRP RIG WMB

Other Topics

Stocks