Business

Snapshot: Oil prices, middling profits tug on stocks

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Disappointing earnings and the price of oil falling to a 5-month low pulled stocks back from record highs. NRG Energy slumped as it cut its earnings forecast, leading other utilities lower. News Corp. fell after it posted a revenue decline due to weakness at newspapers in Australia. Gainers included airlines, led by JetBlue, after the Justice Department cleared the way for American and US Airways to merge, creating the world’s biggest airline. This year’s 24% surge in stocks has slowed; the S&P 500 has edged up just 0.6% this month after an average monthly gain of 1.7% for 10 months. ‘The market looks tired to us,’ said Jim Russell, at US Bank.

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