Photo: AP photo
Photo: AP photo
December 10, 2018 02:03 PM
U.S. stocks remained volatile Monday as major indexes swung from sharp losses in morning trading to modest gains in the afternoon. Energy and financial companies are falling and technology companies are rising.
The Dow Jones Industrial Average lost as much as 507 points in early trading before recouping its losses and turning slightly higher in the afternoon. Stocks in Europe and Asia fell.
The British pound is dropping to its lowest level in more 18 months after the U.K. prime minister postponed a vote on its departure from the European Union, and oil has resumed its sharp slide.
The S&P 500 index rose 4 points, or 0.2 percent, to 2,637, as of 1:45 p.m. Central time.
The Dow added 10 points to 24,399. Technology companies, which have fallen sharply since October, did better. The Nasdaq composite rose 57 points, or 0.8 percent, to 7,026.
The Russell 2000 index of smaller-company stocks was little changed at 1,447.
U.S. indexes have been lurching up and down since October, mostly down, and the S&P 500 plunged 4.6 percent last week for its biggest loss in more than eight months, as investors felt the U.S. and China are still nowhere close to ending their trade dispute.
Volatility has been high not only week to week but also minute to minute. The S&P 500 zoomed from a gain of 0.2 percent to a loss of 1.8 percent Monday morning before reversing course again.
Benchmark U.S. crude fell 3.1 percent to $51 per barrel in New York. Brent crude, the international standard, lost 1.3 percent to $60.89 a barrel in London.
It's a resumption of the steep decline for crude's price that began in October. Last week, crude steadied after OPEC and other major oil producers said they will reduce production by 1.2 million barrels a day starting from January. The cuts will last for six months.
Energy stocks took sharp losses. Exxon Mobil lost 2.3 percent to $75.88 and Schlumberger shed 3.6 percent to $41.51
Updated: December 10, 2018 02:03 PM
Created: December 10, 2018 11:00 AM
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