US close: Stocks mixed on oil price rise, Fed speeches

The Dow Jones Industrial Average rose 0.05% while the S&P 500 fell 0.02% and the Nasdaq dropped 0.49%.

Oil prices advanced after the International Energy Agency said global oil supplies will experience a “dramatic reduction” in the second half of the year, helping to soothe concerns about a global crude glut.

West Texas Intermediate crude increased 0.38% to $46.41 per barrel and Brent rose 0.66% to $47.92 per barrel.

On the macro-economic front, the Labor Department revealed US weekly jobless claims unexpectedly rose in the latest week. Initial jobless claims climbed to 294,000 in the week to 7 May from 274,000 the previous week, compared to forecasts of 270,000.

Meanwhile, Boston Fed President Eric Rosengren suggested the central bank should resume raising interest rate hikes in a speech in New Hampshire. He said the economy appears to be strengthening and that the likelihood of future rate hikes is “higher than is currently prices into financial markets”.

Cleveland Fed President Loretta Mester also said the economy had improved and that inflation has moved higher as oil prices have recovered. While she did not touch on interest rates, her optimistic remarks were seen to hint at a possible increase.

Kansas City Fed President Esther George spoke in Albuquerque, New Mexico, urging the central bank to increase its benchmark interest rate to counter possible asset-price bubbles.

“I view the current level as too low for today’s economic conditions,” she said.

The Fed announces its next interest rate decision in June.

In company news, Apple’s shares plunged after weak earnings at Taiwanese iPhone assembler Foxconn Technology Co. highlighted increasing concerns over slowing iPhone sales.

Retailer Kohl’s Corp. declined after it reported a 87% slide in quarterly profit as sales unexpectedly fell.

In currencies, the dollar was steady against the pound after the Bank of England decided to keep interest rates unchanged and cut its economic growth forecasts. The BoE warned that a vote to leave the EU in the 23 June referendum could impact its gross domestic product estimates.

The dollar was also steady against the euro after eurozone industrial output fell in March for a second straight month.

The dollar rose 0.3% against the yen after minutes of the Bank of Japan’s April meeting showed officials believed the central bank should closely examine the effects of negative interest rates but left the door open to further stimulus if needed.

Separately, Bank of Japan Gov. Haruhiko Kuroda said the nation was unlikely to adopt a foreign exchange policy to help weaken the Japanese currency and boost exports.

S&P 500 - Risers

Monsanto Co. (MON) $97.92 +8.39%

CA Inc. (CA) $31.48 +5.07%

Ralph Lauren Corp (RL) $86.88 +2.82%

Newfield Exploration Co (NFX) $38.63 +2.68%

Royal Caribbean Cr (RCL) $77.02 +2.53%

Sealed Air Corp. (SEE) $47.80 +2.49%

Electronic Arts Inc. (EA) $75.01 +2.22%

Activision Blizzard Inc. (ATVI) $37.91 +2.16%

Public Storage (PSA) $264.69 +2.09%

International Flavors & Fragrances Inc. (IFF) $126.16 +2.05%

S&P 500 - Fallers

United States Steel Corp. (X) $14.81 -10.35%

Tenet Healthcare Corp. (THC) $28.41 -9.81%

Kohls Corp. (KSS) $35.15 -9.17%

CF Industries Holdings Inc. (CF) $27.85 -5.47%

Freeport-McMoRan Inc (FCX) $11.03 -5.00%

American Airlines Group (AAL) $31.33 -4.66%

Micron Technology Inc. (MU) $9.63 -4.65%

Skyworks Solutions Inc. (SWKS) $61.66 -4.54%

United Continental Holdings Inc. (UAL) $43.78 -4.41%

Chesapeake Energy Corp. (CHK) $4.17 -4.36%

Dow Jones I.A - Risers

Nike Inc. (NKE) $57.99 +1.72%

Boeing Co. (BA) $134.42 +1.07%

Chevron Corp. (CVX) $102.12 +0.97%

Exxon Mobil Corp. (XOM) $89.67 +0.97%

Microsoft Corp. (MSFT) $51.51 +0.90%

Coca-Cola Co. (KO) $45.83 +0.81%

Visa Inc. (V) $77.89 +0.76%

McDonald's Corp. (MCD) $130.12 +0.76%

Wal-Mart Stores Inc. (WMT) $66.85 +0.66%

Verizon Communications Inc. (VZ) $51.47 +0.63%

Dow Jones I.A - Fallers

Apple Inc. (AAPL) $90.34 -2.35%

Caterpillar Inc. (CAT) $71.70 -1.01%

Intel Corp. (INTC) $29.76 -1.00%

Goldman Sachs Group Inc. (GS) $158.07 -0.85%

General Electric Co. (GE) $30.09 -0.82%

Unitedhealth Group Inc. (UNH) $129.74 -0.73%

Walt Disney Co. (DIS) $101.71 -0.57%

American Express Co. (AXP) $64.34 -0.39%

Merck & Co. Inc. (MRK) $54.12 -0.35%

United Technologies Corp. (UTX) $101.46 -0.14%

Nasdaq 100 - Risers

CA Inc. (CA) $31.48 +5.07%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $207.43 +2.26%

Electronic Arts Inc. (EA) $75.01 +2.22%

Activision Blizzard Inc. (ATVI) $37.91 +2.16%

Dollar Tree Inc (DLTR) $80.29 +1.59%

Kraft Heinz Co. (KHC) $86.34 +1.34%

Tractor Supply Company (TSCO) $93.57 +1.21%

Ross Stores Inc. (ROST) $55.09 +1.19%

Priceline Group Inc (PCLN) $1,282.25 +1.18%

Symantec Corp. (SYMC) $16.90 +1.14%

Nasdaq 100 - Fallers

American Airlines Group (AAL) $31.33 -4.66%

Micron Technology Inc. (MU) $9.63 -4.65%

Skyworks Solutions Inc. (SWKS) $61.66 -4.54%

JD.com, Inc. (JD) $22.11 -4.41%

Dish Network Corp. (DISH) $45.43 -4.28%

Biomarin Pharmaceutical Inc. (BMRN) $79.79 -2.96%

TripAdvisor Inc. (TRIP) $63.78 -2.88%

Discovery Communications Inc. Class A (DISCA) $28.14 -2.87%

Nxp Semiconductors Nv (NXPI) $83.25 -2.73%

Discovery Communications Inc. Class C (DISCK) $27.31 -2.67%