BP, Total & PetroChina Dip; JPMorgan to Cut 5,000 Jobs

All three major stock indexes finished Thursday's trading day lower, recovering from deeper losses earlier in the day.
Author:
Publish date:

All three major stock indexes finished Thursday's trading day lower, recovering from deeper losses earlier in the day. Investors expressed caution after John Williams, president of the San Francisco Fed, joined a chorus of Fed members and economists who expect a rate hike this year. Plus, oil took an unexpected turn to close slightly higher. The latest weekly data showed domestic crude inventories falling at a faster than expected pace, a positive in addressing the current supply-demand imbalance. The energy sector remained the worst performer on markets. BP (BP), Total (TOT) and PetroChina (PTR) all closed lower. News of job cuts at JPMorgan did little to boost its stock. The bank remained lower after reports the company will eliminate more than 5,000 positions by next year. And Palo Alto Networks (PANW) jumped after beating analysts’ estimates with a narrower-than-expected quarterly loss. Sales at the security software developer also topped forecasts. TheStreet's Scott Gamm reports from New York.