A steep drop in oil prices dragged energy shares lower and kept the Dow and S&P 500 in check, while the Nasdaq was buoyed by gains in tech stocks. Julia Sun reports.
A sharp drop in oil prices dragged the energy sector lower. That kept the Dow and S&P 500 near the unchanged mark. But gains in technology stocks lifted the Nasdaq. Crude prices fell hurt by a stronger dollar and concerns about rising OPEC exports. Shares of Exxon and Chevron went along for the ride. Keith Bliss of Cuttone. (SOUNDBITE) KEITH BLISS, SENIOR VICE PRESIDENT, DIRECTOR OF SALES AND MARKETING, CUTTONE & CO. LLC, (ENGLISH) SAYING: "I just see no way, especially given the amount to production coming out of North America, the amount of export coming out of North America, particularly the United States. I just no way that crude oil, either on the West Texas Intermediate or the Brent Crude levels, will break out above the $45 to $55 range. And therefore that's gonna keep energy stocks locked in." New orders for U.S.-made goods fell more than expected in May. But capital equipment orders were slightly stronger, suggesting the manufacturing sector is growing. Minutes from the Fed's meeting in June showed policymakers were split on the outlook for inflation, and how it will affect the future pace of rate increases. On the trading floor... Shares of Advanced Micro Devices, Micron, and Nvidia were among the best performers in the tech sector. On the flipside... U.S. credit card processor Vantiv agreed to buy Britain's Worldpay for $10 billion. Both stocks tanked. O'Reilly Automotive plunged after reporting disappointing sales. In Europe, stocks ended the day higher.