Apple and Amazon deliver rally on Wall Street

U.S. stocks opened slightly lower on Wednesday as crude oil gave up Tuesday’s gains after forecasts indicated cold weather in Europe and the United States would be short-lived.

“What we might see here, besides the fact that oil prices are steadier this morning, is bargain hunting, which could come in the form of window dressing”, said Peter Cardillo, chief market economist at First Standard Financial in NY.

The broad-based S&P 500 rose 18.06 (0.88 percent) to 2,074.56, while the tech-rich Nasdaq Composite Index gained 46.69 (0.93 percent) at 5,087.68.

US In New York, the S&P 500 energy sector lost 1.79 per cent, easily the poorest performer as a 3 per cent drop in oil prices led investors to unload shares of Exxon Mobil, down 0.73 per cent, and Chevron, which fell 1.84 per cent. The S&P 500 fell 0.3% and the Nasdaq Composite lost 0.4%.

The Dow Jones Industrial Average (DJIA – 17,603.87) stumbled to a 117.1-point, or 0.7%, loss.

On Wall St, late, S&P 500 -0.4%, Dow -0.3%, Nasdaq -0.4%. Google parent Alphabet Inc. rose 1.9 percent to a record, while Apple Inc. climbed 2.2 percent to bolster technology shares.

Ken Winans, president of Winans Investments, said he sold his energy stocks over a year ago and hasn’t dipped back into the sector yet as oil prices continue to decline.

Lower commodity prices should be positive for growth and consumer spending, but the fall may not simply reflect an excess supply of oil, said Ms. Kelly. The S&P’s health sector was the sole gainer, with a 0.2 percent increase for the day.

Fitbit was up 4 percent at $30, after reports that the wearable gadget maker’s iOS app was the most downloaded after Christmas, suggesting strong holiday demand.

Dow e-minis were down 41 points, or 0.23 percent, with 10,937 contracts changing hands.

Apple was down 0.6 percent at $107.35. Billionaire investor Carl Icahn’s Icahn Enterprises LP agreed to buy Pep Boys-Manny Moe & Jack for about $1 billion, hours after Bridgestone Corp quit the race for the United States auto parts retailer.

For now, stocks remain in a vulnerable-looking holding pattern, with the Dow Jones falling back below its 50- and 200-day moving averages. Gold futures for February delivery fell $6.70 to $1,069.20 an ounce.