Skip to content
Business
Link copied to clipboard

Stocks affected by auto firms' bad April

NEW YORK - Despite strong results from industrial companies, U.S. stocks could not get any momentum going Tuesday after carmakers said their sales were shrinking.

NEW YORK - Despite strong results from industrial companies, U.S. stocks could not get any momentum going Tuesday after carmakers said their sales were shrinking.

Engine maker Cummins sent manufacturers and other industrial companies higher after reporting solid first-quarter earnings. A late slump took the price of oil to its lowest price in almost six months. Ford, General Motors, and Fiat Chrysler all fell after they said sales declined in April.

Thanks to an upturn in the last few minutes of trading, the Standard & Poor's 500 index rose 2.84 points, or 0.1 percent, to 2,391.17. The Dow Jones industrial average added 36.43 points, or 0.2 percent, to 20,949.89. The Nasdaq composite set another record as it picked up 3.77 points, or 0.1 percent, to 6,095.37. The Russell 2000 index of small-company stocks sank 8 points, or 0.6 percent, to 1,399.36.

Benchmark U.S. crude lost $1.18, or 2.4 percent, to $47.66 a barrel in New York. That's its lowest price since mid-November. Brent crude, used to price international oil, shed $1.06, or 2.1 percent, to $50.46 a barrel in London.

Health-care stocks shook off an early loss. Merck climbed after it reported strong sales of newer medications including its cancer drug Keytruda and hepatitis C drug Zepatier, and its stock gained 32 cents to $62.70. Hospital chain Tenet Healthcare jumped $3.31, or 21.6 percent, to $18.66 after it agreed to sell three hospitals to HCA Holdings for $725 million and said it would rejoin insurer Humana's network.

Consumer products companies slipped. Drugstore operator and pharmacy benefits manager CVS Health lost $2.96, or 3.6 percent, to $79 and agricultural company Archer-Daniels-Midland shed $4.06, or 8.9 percent, to $41.67 after earnings reports.

Consumer reviews website Angie's List soared after it agreed to be bought by media company IAC/InterActiveCorp. IAC/InterActive wants to combine Angie's List with its HomeAdvisor.com business, which offers resources for home repair and improvement projects. The company will be called ANGI Homeservices.

Gold rose $1.50 to $1,257 an ounce. Silver fell 1 cent to $16.83 an ounce. Copper lost 3 cents to $2.64 a pound.

The dollar rose to 112 yen from 111.83. The euro rose to $1.0928 from $1.0906.