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US stocks fall slightly in quiet trade(Associated Press Via Acquire Media NewsEdge) NEW YORK (AP) — The U.S. stock market eased in afternoon trading Tuesday following two days of gains. Investors focused on problems in Ukraine and Iraq. Energy stocks were among the biggest decliners, dragged down by lower oil prices. KEEPING SCORE: The Dow Jones industrial average slipped 12 points, or 0.1 percent, to 16,557 as of 1:25 p.m. Eastern time. The Standard & Poor's 500 index fell three points, or 0.2 percent, to 1,934 and the Nasdaq composite fell 13 points, or 0.3 percent, to 4,388. GEOPOLITICAL TENSIONS: Fears of a Russian invasion of Ukraine have faded in recent days, but worries about conflicts around the globe are likely to keep investors on edge, and drive financial markets in coming weeks. A convoy of more than 260 Russian trucks, reportedly packed with supplies, moved toward Russian's border with Ukraine on Tuesday, but Kiev said the goods would only be allowed to cross if they were inspected by the international Red Cross. Ukraine is fearful that Russia could use the move as a cover for sending troops into the separatist-held territory. Investors are also watching political machinations and violence unfold in oil-rich Iraq. On Tuesday, that nation's embattled prime minister, Nouri al-Maliki, tried to stay in power as Iraqi politicians and the international community rallied behind a political competitor. RISK OFF: There are signs investors are taking less-risky positions as geopolitical tensions mount around the world. The Russell 2000 index, which is made up primarily of smaller technology and healthcare companies, was down 0.6 percent — much more than the rest of the market. Investors bid up utilities and telecom stocks, which are typically considered the safest bets in the stock market due to their higher-than-normal dividends. Gold, another haven in periods of global uncertainty, edged up 0.4 percent to $1,315.80 an ounce. OIL LEAK: Energy stocks fell, and the S&P 500 energy index lost nearly 1 percent. Kinder Morgan declined 2 percent after rising 9 percent the day before. Anadarko Petroleum and Pioneer Natural Resources fell more than 2 percent. Chevron and Exxon Mobile were among the worst performers in the Dow. Energy stocks have declined noticeably in the last month, due largely to falling oil and natural gas prices. Brent crude, which is traded in the U.K. and is considered a broader gauge of the international oil market, is trading at a nine-month low. U.S. crude is trading at a seven-month low. The price of U.S. crude oil slipped 70 cents to $97.38 a barrel Tuesday. That followed three days of increases over concerns about the reliability of Iraqi oil production. LEVEL UP: Electronic Arts rose 44 cents, or 1.2 percent, to $35.51. The video game publisher announced it would expand a popular video game subscription service to international markets. Subscriptions and downloadable products have become a popular business model in the video game industry in recent years, which used to be almost entirely based on one-time sales at stores. OUT OF FASHION: Kate Spade plunged $8.41, or 22 percent, to $30.45 after executives for the handbag company warned that sales growth would slow this year. The comments came after Kate Spade reported a better-than-expected quarterly profit, which drove the stock up more than 10 percent earlier. BONDS: The yield on the 10-year Treasury note was 2.43 percent, unchanged from the prior day. Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |