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US Stocks Tumble, Led By Energy Sector, As Crude Futures Slide

 By Donna Kardos Yesalavich
   Of DOW JONES NEWSWIRES

 

 

NEW YORK (Dow Jones)–The energy sector led U.S. stocks lower Thursday as crude-oil prices plunged and jobs data disappointed, hurting expectations for the government’s upcoming employment report.

The Dow Jones Industrial Average fell 139.41 points, or 1.10%, to 12584.17. The measure’s energy components weighed, with Exxon Mobil down $2.19, or 2.6%, to $82.62, and Chevron down 2.06, or 2%, to 102.62, as crude oil plunged to below $99 a barrel.

The Nasdaq Composite declined 13.51, or 0.48%, to 2814.72. The Standard & Poor’s 500-stock index shed 12.22, or 0.91%, to 1335.10, marking the measure’s fourth consecutive drop. It represents the first time the S&P 500 has been down for the first four days of a month since October 2008.

The tumble in crude oil came as investors rushed to the safety of the dollar after data showed new claims for jobless benefits unexpectedly surged last week to the highest level since August. The report lowered expectations for the government’s report on April employment due Friday.

“There’s a lot of different things that are hitting all at the same time,” said Michael Shea, managing partner at Direct Access Partners. “The dollar is stronger versus the euro, and crude is just getting pounded.”

The euro’s slump followed comments from European Central Bank President Jean-Claude Trichet that were interpreted as signaling that interest rates wouldn’t rise again next month. German manufacturing orders also weighed, with an unexpected 4% drop.

David Bellantonio, head of U.S. trading at Instinet, said technical factors were also at play in the stock swoon on Thursday as the S&P 500 broke through an area that had been previously been a cushion.

“There was some support in the S&P around 1335 and it tested that several times and it didn’t hold,” he said, noting that afternoon selling accelerated once the measure broke below that level. The measure managed to edge back above 1335 by the end of the session.

Compounding the technical factors, Bellantonio added, was “a little bit of apprehension ahead of tomorrow’s [jobs] number. You had a soft number this morning and you’ve had some soft economic news of late.”

In addition, traders worried that margin calls could result from the sharp recent declines over the past few days from the fresh multi-year highs seen just last month in crude oil and U.S. stocks.

Still, the Dow Jones Transportation Average added 1.1% as shares of transportation companies rose on the prospect of lower energy costs. FedEx climbed 2.65, or 2.9%, to 95.29, AMR jumped 46 cents, or 7.5%, to 6.61, and Delta Air Lines surged 75 cents, or 7.2%, to 11.22.

Shares of some retailers also climbed after same-store sales reports showed momentum aided by the Easter holiday, while Thursday’s drop in commodities also eased worries over the impact on consumer spending from high gasoline prices. Shares of Macy’s rose 95 cents, or 3.7%, to 26.35, while Target added 1.14, or 2.3%, to 50.34.

Among other companies in focus, General Motors reported its net income tripled in the first quarter due to stronger vehicle sales and sales of assets, including its stake in Delphi Automotive LLP. Still, its stock slipped 1.02, or 3.1%, to 32.02, as analysts said the market was expecting an even-stronger report while investors are also worried about rising input costs.

JDS Uniphase jumped 1.38, or 6.9%, to 21.38, after the maker of products for telecommunications companies, cable operators and network-equipment manufacturers swung to a fiscal third-quarter profit, topping analysts’ estimates as revenue jumped sharply.

Electronic Arts gained 1.76, or 8.8%, to 21.68, after the videogame maker’s fiscal fourth-quarter earnings more than quintupled.

BMC Software added 2.19, or 4.5%, to 51.26, following a 3.1% increase in its fiscal fourth-quarter profit on better-than-expected revenue growth and wider operating margins.

Whole Foods Market was another bright spot. The natural-foods grocer’s fiscal second-quarter earnings grew 33% as same-store sales increased and gross margins expanded in what the company said were the strongest results in five years. Its stock edged up 21 cents, or 0.4%, to 59.95.

Aeropostale plunged 4.20, or 16%, to 21.29, after the teen-apparel retailer trimmed its fiscal first-quarter profit outlook on lower-than-expected sales and margins.

Boston Beer tumbled 9.20, or 10%, to 81.51. The relative giant of the craft-beer category said core shipment volume rose 10% in the first quarter but growth slowed from recent periods. The company also warned that its results could take a hit if fuel costs remain elevated.

In deal news, Kendle International surged 5.48, or 58%, to 14.98, after privately-held INC Research agreed to buy the company for $232 million in cash. The deal, which will merge two global contract-research organizations that intend to focus on therapeutics, values Kendle’s shares at a 61% premium over its Wednesday closing price.

-By Donna Kardos Yesalavich, Dow Jones Newswires; 212-416-2188; donna.yesalavich@dowjones.com

–Kristina Peterson contributed to this article.

 

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