U.S. stocks retreated, following the biggest weekly rally since January 2013, as energy producers led losses after oil dipped below $80 a barrel.
Halliburton Co.,
Newfield Exploration Co. and Nabors Industries Ltd. fell more than 5.5
percent to lead losses in energy companies. Merck & Co. slid 2.8
percent after cutting the top end of its sales forecast. Sarepta
Therapeutics Inc. plunged 36 percent after saying regulators require
more data on a new drug proposal.
The Standard &
Poors 500 Index slipped 0.3 percent to 1,958.51 at 12:47 p.m. in New
York. Equities pared losses after the European Central Bank said it
settled 1.704 billion euros ($2.2 billion) of covered-bond purchases
last week as it started its latest effort to revive the euro-area
economy. The Dow Jones Industrial Average was down 32.65 points at
16,772.76. The Russell 2000 Index retreated 0.5 percent.
Source : Bloomberg
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