Energy stocks dive anew, offset tech gains; US indexes mixed
NEW YORK (AP) — U.S. stock indexes were mixed in afternoon trading Wednesday after another dive for energy stocks offset gains for health care and technology stocks.
Accelerating corporate profits — and expectations that they'll continue — have been a big reason for the stock market's gains this year, and energy companies had been forecast to provide some of the biggest gains.
Red Hat, an open-source software company, surged to one of the biggest gains in the S&P 500 after reporting better-than-expected earnings for its latest quarter.
Chinese shares traded in Shanghai, which have long been difficult for foreign investors to trade, rose 0.5 percent after index provider MSCI said it will include 222 of what are called "Chinese A-shares" in its widely followed Emerging Markets index.
The move, which will begin next year, will likely cause big shifts of money into mainland Chinese stocks by mutual funds and other investors that track the index.
China has since started a "Stock Connect" program that links mainland Chinese stocks with the Hong Kong market to make them more accessible, among other changes.
Natural gas fell 1 cent to $2.89 per 1,000 cubic feet, heating oil fell 3 cents to $1.36 per gallon and wholesale gasoline fell 1 cent to $1.41 per gallon.