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Stocks stabilize as energy sector rebounds

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NEW YORK (AP) — The U.S. stock market stabilized on Wednesday as the energy sector rebounded. Stocks recovered after falling to their lowest level since May the day before, when Russia massed troops near its border with Ukraine. Molson Coors jumped after reporting strong earnings.

KEEPING SCORE: The Standard & Poor’s 500 index rose two points, or 0.1 percent, to 1,922 as of 1:16 p.m. Eastern time. The index lost 18 points, or 1 percent, on Tuesday. The Dow Jones industrial average gained 25 points, or 0.2 percent, to 16,454. The Nasdaq composite rose 12 points, or 0.5 percent, to 4,374.

HIGHER BEER PRICES: Molson Coors rose $4.27, or 6.3 percent, to $71.47 after the company said its second-quarter profit rose 9 percent. Better pricing offset a global decline in the volume of beer sales.

ENERGY REBOUND: U.S. crude oil for September steadied after dropping about 7 percent in the last two months. The price of oil was still down, but by 23 cents, or just 0.2 percent, to $97.16 in New York. Natural gas prices halted a slump. Energy stocks were among the biggest gainers in the S&P 500, climbing 0.9 percent.

M&A UNDONE: Sprint plunged $1.34, or 18.4 percent, to $5.95 after the company said that it was abandoning its pursuit of T-Mobile US. Sprint would have struggled to convince regulators to approve a merger of the No. 3 and No. 4 cellphone carriers in the nation, according to a story by The Wall Street Journal. Sprint is also replacing its longtime CEO.

Time Warner fell $10.94, or 12.8 percent, to $74.16 after Rupert Murdoch’s 21st Century Fox said it was dropping its attempt to take over the company. The deal would have combined two of the world’s biggest media conglomerates. Twenty-First Century Fox gained $1.65, or 5.3 percent, to $32.95.

UKRAINE JITTERS: Poland’s prime minister said on Wednesday he had information indicating that there is a growing threat of a “direct intervention” by Russia in Ukraine. Global markets dropped Tuesday after news reports of a buildup of Russian troops on the Ukraine border.

TRADING RANGE: Stocks may oscillate in a trading range in coming days as investors follow developments in Ukraine and assess their impact on the global economy, said Peter Cardillo, chief market economist at Rockwell Global Capital.

“The market’s worst enemy has always been, and always will be, uncertainty,” said Cardillo.

STAYING PUT: Walgreen fell $9, or 13 percent, to $60.16 after the drug store company said it will no longer pursue an overseas reorganization that would have reduced the amount of U.S. taxes it pays.

IN EUROPE: Germany’s DAX dropped 0.6 percent and the FTSE 100 in London shed 0.7 percent. France’s CAC fell 0.6 percent.

CURRENCIES, BONDS AND COMMODITIES: The euro was close to a nine-month low of $1.3371. U.S. government bond prices rose as the yield on the 10-year Treasury note dropped to 2.47 percent from 2.48 percent on Tuesday. Gold rose $22.50, or 1.8 percent, to $1,307.80 an ounce.

Stocks stabilize as energy sector rebounds

KDWN

NEW YORK (AP) — The U.S. stock market stabilized on Wednesday as the energy sector rebounded. Stocks recovered some of the ground they had lost after falling to their lowest level since May the day before as Russia massed troops near its border with Ukraine. Molson Coors jumped after reporting strong earnings.

KEEPING SCORE: The Standard & Poor’s 500 index rose five points, or 0.4 percent, to 1,927 as of 12:17 p.m. Eastern time. The index lost 18 points, or 1 percent, on Tuesday. The Dow Jones industrial average gained 46 points, or 0.3 percent, to 16,475. The Nasdaq composite rose 22 points, or 0.5 percent, to 4,374.

ENERGY REBOUND: Benchmark U.S. crude oil for September delivery stabilized after dropping about 7 percent in the last two months. The price of oil slipped 8 cents, or 0.1 percent, to $97.30 in New York. Natural gas prices halted a slump. Energy stocks were the biggest gainers in the S&P 500, climbing 0.9 percent.

HIGHER BEER PRICES: Molson Coors rose $4.27, or 6.3 percent, to $71.47 after the company said its second-quarter profit rose 9 percent as better pricing offset a decline in the volume of beer sales globally. The beer maker earned $291 million, or $1.56 per share, for the period ended June 30. A year earlier it earned $267 million, or $1.45 per share.

M&A UNDONE: Sprint plunged $1.21, or 16.5 percent, to $1.20 after reports that company was abandoning its pursuit of T-Mobile US because it would be too hard to convince regulators to approve a merger of the No. 3 and No. 4 cellphone carriers in the nation.

Time Warner fell $9.08, or 10.7 percent, to $76 after Rupert Murdoch’s 21st Century Fox said it is abandoning its attempt to take over the company. The deal would have combined two of the world’s biggest media conglomerates. Twenty-First Century Fox gained $1.65, or 5.3 percent, to $32.95.

UKRAINE JITTERS: Global markets dropped after news reports of a buildup of Russian troops on the Ukraine border. On Wednesday, Poland’s prime minister said he had information indicating that there is a growing threat of a “direct intervention” by Russia in Ukraine.

TRADING RANGE: Stocks may oscillate in a trading range in coming days as investors follow developments in Ukraine and assess their impact on the global economy, said Peter Cardillo, chief market economist at Rockwell Global Capital.

“The market’s worst enemy has always been, and always will be, uncertainty,” said Cardillo.

STAYING PUT: Walgreen fell $8.86, or 12.8 percent, to $60.26 after the drug store company said it will no longer pursue an overseas reorganization that would have reduced the amount of U.S. taxes it pays.

IN EUROPE: Germany’s DAX dropped 0.6 percent and the FTSE 100 in London shed 0.7 percent. France’s CAC fell 0.6 percent.

CURRENCIES, BONDS AND COMMODITIES: The dollar fell to 102.38 Japanese yen. The euro dipped to a nine-month low of $1.3340. U.S. government bond prices rose. The yield on the 10-year Treasury note dropped to 2.46 percent from 2.48 percent on Tuesday. Gold rose $23.90, or 1.9 percent, to $1,309.50 an ounce.

Stocks stabilize as energy sector rebounds

KDWN

NEW YORK (AP) — U.S. stocks stabilized on Wednesday as energy prices rebounded. The stock market dropped to its lowest level since May the day before as Russia massed troops near its border with Ukraine. Molson Coors jumped after reporting strong earnings.

KEEPING SCORE: The Standard & Poor’s 500 index rose two points, or 0.3 percent, to 1,923 as of 11:30 a.m. Eastern time. The Dow Jones industrial average gained 27 points, or 0.2 percent, to 16,456. The Nasdaq composite rose 13 points, or 0.3 percent, to 4,367.

ENERGY REBOUND: Benchmark U.S. crude for September delivery rose for only the second day of the last eight. Oil rose 60 cents, or 0.6 percent, to $97.99 in New York. Natural gas prices also rose. Energy stocks were the biggest gainers in the S&P 500, climbing 1.3 percent.

HIGHER BEER PRICES: Molson Coors rose $4.20, or 6.3 percent, to $71.43 after the company said its second-quarter profit rose 9 percent as better pricing offset a decline in the volume of beer sales globally. The beer maker earned $291 million, or $1.56 per share, for the period ended June 30. A year earlier it earned $267 million, or $1.45 per share.

M&A UNDONE: Sprint plunged $1.21, or 16.5 percent, to $1.20 after reports that company was abandoning its pursuit of T-Mobile US because it would be too hard to convince regulators to approve a merger of the No. 3 and No. 4 cellphone carriers in the nation.

Time Warner fell $9.08, or 10.7 percent, to $76 after Rupert Murdoch’s 21st Century Fox said it is abandoning its attempt to take over the company. The deal would have combined two of the world’s biggest media conglomerates. Twenty-First Century Fox gained $1.65, or 5.3 percent, to $32.95.

UKRAINE JITTERS: Global markets dropped after news reports of a buildup of Russian troops on the Ukraine border. On Wednesday, Poland’s prime minister said he had information indicating that there is a growing threat of a “direct intervention” by Russia in Ukraine.

TRADING RANGE: Stocks may oscillate in a trading range in coming days as investors follow developments in Ukraine and assess their impact on the global economy, said Peter Cardillo, chief market economist at Rockwell Global Capital.

“The market’s worst enemy has always been, and always will be, uncertainty,” said Cardillo.

STAYING PUT: Walgreen fell $8.86, or 12.8 percent, to $60.26 after the drug store company said it will no longer pursue an overseas reorganization that would have trimmed the amount of U.S. taxes it pays.

IN EUROPE: Germany’s DAX dropped 1.2 percent and the FTSE 100 in London shed 1.1 percent. France’s CAC was down 1 percent. U.S. markets looked set for another day of losses.

CURRENCIES, BONDS AND COMMODITIES: The dollar fell to 102.38 Japanese yen. The euro dipped to a nine-month low of $1.3340. U.S. government bond prices rose. The yield on the 10-year Treasury note dropped to 2.45 percent from 2.48 percent on Tuesday. Gold rose $23.90, or 1.9 percent, to $1,309.50 an ounce.

Johnson reported from Mumbai, India.