Oil drops as other sectors hold

NEW YORK - Oil prices and energy companies plunged Thursday, but other stocks didn't move much as investors waited for more signs about the state of the economy.

Household goods makers and health care companies rose after some solid company earnings reports. Most other parts of the market made little gains, but energy companies took sharp losses as the price of crude oil fell almost 5 percent. That was its biggest one-day loss in about two months.

"We may be seeing signs that global production is strong, and whenever markets see a decline in oil prices they worry it's actually an indication of weak demand," said Kate Warne, an investment strategist for Edward Jones.

Health-care stocks didn't react much to the narrow passage in the House of a bill intended to roll back much of former President Barack Obama's health care law. The bill now heads to the Senate, where its fate is less certain.

The Standard & Poor's 500 index rose 1.39 points, or 0.1 percent, to 2,389.52. The Dow Jones industrial average lost 6.43 points to 20,951.47. The Nasdaq composite added 2.79 points to 6,075.34. The Russell 2000 index of small-company stocks dipped 2.08 points, or 0.1 percent, to 1,388.85. On the New York Stock Exchange, two out of every three stocks fell.

U.S. benchmark crude futures shed another $2.30, or 4.8 percent, to $45.52 a barrel in New York. Brent crude, the standard for international oils, fell $2.41, or 4.7 percent, to $48.38 a barrel in London. Oil has fallen to its lowest price since November as investors wonder if the OPEC cartel will extend an agreement to cut production and support prices.

Exxon Mobil skidded $1.06, or 1.3 percent, to $81.64 and EOG Resources lost $3.16, or 3.4 percent, to $88.60. Chesapeake Energy tumbled 41 cents, or 7.4 percent, to $5.13.

Church & Dwight, which makes Arm & Hammer baking soda, Trojan condoms, and OxiClean cleaners, raised its profit estimate after its first-quarter results were better than analysts anticipated. Its stock rose $2.10, or 4.3 percent, to $50.85. Frosted Flakes and Pop Tarts maker Kellogg posted a larger profit than expected and its stock gained $1.46, or 2.1 percent, to $70.40.

In other energy trading, wholesale gasoline lost 5 cents, or 3.4 percent, to $1.48 a gallon. Heating oil gave up 6 cents, or 4.2 percent, to $1.41 a gallon. Natural gas lost 4 cents to $3.19 per 1,000 cubic feet.

Precious metals prices dropped further. Gold sank $19.90, or 1.6 percent, to $1,228.60 an ounce. Silver fell 24 cents, or 1.5 percent, to $16.30 an ounce. Copper lost 3 cents, or 1.3 percent, to $2.51 a pound.

The dollar turned lower and slipped to 112.42 yen from 112.64 yen. The euro rose to $1.0981 from $1.0906.