NEW YORK (AP) — U.S. stocks stabilized on Wednesday after they got a slight lift from the energy sector. The market had fallen to its lowest level since May a day earlier, when Russia massed troops near its border with Ukraine.
KEEPING SCORE: The Standard & Poor’s 500 index rose one point, or less than 0.1 percent, to 1,920 as of 2:48 p.m. Eastern time. The index lost 18 points, or 1 percent, on Tuesday. The Dow Jones industrial average rose 14 points, or 0.1 percent, to 16,443. The Nasdaq composite rose nine points, or 0.2 percent, to 4,362.
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 BOOST: Energy stocks were among the biggest gainers in the S&P 500, climbing 0.5 percent. The sector slumped 3.4 percent last month as the prices of oil and natural gas dropped. Oil rose in early trading Wednesday but ended the day down 46 cents, or 0.5 percent, at $96.92 a barrel. Natural gas prices inched higher.
M&A UNDONE: Sprint plunged $1.34, or 18.3 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 $10.46, or 12.3 percent, to $74.73 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 rose $1.43, or 4.6 percent, to $32.72.
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 $10.14, or 12.3 percent, to $58.98 after the drug store company said it will no longer pursue an overseas reorganization that would have reduced its U.S. taxes.
IN EUROPE: Germany’s DAX ended down 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. The yield on the 10-year Treasury note dropped to 2.47 percent from 2.48 percent on Tuesday. Gold rose $22.90, or 1.8 percent, to $1,308.20 an ounce.