Closing Bell: Drilling Activity Rises for Another Week; S&P 500 and Nasdaq Hold Onto Gains

The S&P 500 and Nasdaq came off of highs, though managed to close in the green.
Author:
Publish date:

The S&P 500 and Nasdaq came off of highs, though managed to close in the green. The Dow Jones Industrial Average gave up earlier gains to end barely lower for the fourth time this week. Small-caps led the Russell 2000 as the index underwent reconstitution. Crude oil prices gave up a chunk of their earlier gains after another rise in oil-drilling activity in the U.S. The number of active U.S. rigs drilling for oil rose for the 23rd week in a row. Caterpillar Inc. (CAT) - Get Report was active after analysts at Deutsche Bank cut their rating for the stock from buy to hold and reduced their price target. The broker said much of the benefit from a nascent recovery in the mining sector has already been priced into the stock. BlackBerry Ltd. (BBRY) was lower after a mixed quarter. Adjusted earnings of TWO cents a share came in better than an expected breakeven result. However, adjusted revenue missed estimates.