Energy shares dragged Wall Street slightly lower on Monday, coinciding with a decline in oil prices. Earnngs have been underwhelming as well. Bobbi Rebell reports.
Stocks edged lower, dragged down by a drop in oil prices and weak earnings. The slight retreat comes ahead of a two-day Federal Reserve policy meeting that ends Wednesday. Empire Executions' Peter Costa: (SOUNDBITE) PETER COSTA, PRESIDENT, EMPIRE EXECUTIONS, (ENGLISH) SAYING: "Some people are a little nervous about what's going to happen on Wednesday. I'm not one of them. Housing didn't look that good this morning, oil's down." Sales of new homes fell unexpectedly in March. Xtra Xtra higher jumped shares of Tribune. Gannett offering to buy the publisher of the Chicago Tribune and Los Angeles Times for $815 million. Tribune says it's reviewing the offer. Valeant has a new ceo. Joseph Papa resigned Sunday as Perrigo's CEO so he could assume his new post in early May. Perrigo's shares dropped as did Valeant's. Xerox shares fell sharply after the copier maker reported a drop in profit and revenue. Weak sales of printers and copiers and the strong dollar hurt revenue. In Europe, energy and banking stocks pulled down shares further from last week's three-month high.