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Overnight Markets: Wall Street falls on energy stocks, GE

Utilities and consumer staples were the best performers on the day.

 
Overnight Markets: Wall Street falls on energy stocks, GE

 

Wall Street declined on Tuesday as General Electric stocks plunged for the second consecutive day and a drop in crude prices hit energy shares.

The Dow Jones Industrial Average fell 30 points, or 0.13%, to 23,409, the S&P 500 lost six points, or 0.23%, to 2,579 and the Nasdaq Composite fell 20 points, or 0.29%, to 6,738.

GE lost 5.9% in the largest daily volume in two years as investors wondered if a massive overhaul of the company by new chief executive John Flannery will be enough to revive the industrial conglomerate.

Energy shares led the decliners after oil prices fell the most in a month. The International Energy Agency forecast rising US crude output and had a gloomy outlook for global demand growth.

Exxon fell 0.8% and ConocoPhillips was down 2.5%, while the energy sector fell 1.5% percent, the most in more than four months. Newfield Exploration was the biggest decliner in the S&P 500, tumbling 7.1%. Range Resources lost 6.6%.

Utilities and consumer staples were the best performers on the day. Utilities rose 1.2%.

Elsewhere, TV streaming device maker Roku snapped a three-day winning streak after hitting a record high of $48.80, ending down 13.5%.

Advance Auto Parts soared 16.3% after it affirmed its full-year profit forecast and beat quarterly profit estimates.

Other big retailers failed to impress traders. TJX Cos., the parent company of T.J. Maxx and Marshalls, fell 4% after it reported revenue and earnings that missed analysts' estimates. Its shares lost $2.82 to $67.94.

Dick's Sporting Goods slid 2.8% after the retailer reported a solid quarter but also said its earnings per share could drop as much as 20% next year. The stock gave up 73 cents to $25.59.

In Asia, the stocks were down on Wednesday in morning session as cautious sentiment from the last session continued, with energy-related plays in the region falling on weakening oil prices.

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