NEW YORK: U.S. stocks steadied Thursday after two days of sharp moves.
The Dow Jones Industrial Average rose less than 10 points after it surged 222 on Tuesday and fell by a similar amount a day later.
Apple closed at its lowest level since June 2014, and was the biggest laggard in the Dow. Shares of the iPhone maker fell $2.17, or 2.4%, to $90.34, shaving 15 points off the index.
The move knocked Apple down to the second-largest U.S. company based on market capitalization. Google parent Alphabet moved into the top spot, with a market capitalization of $494.86 billion.
Investors have been wrestling with volatile oil prices, weak global economic growth and gloomy updates from some of the U.S.’s largest retailers. A reading of monthly retail sales is due Friday.
“Investors don’t have a reason to buy,” said Randy Warren, chief investment officer at Warren Financial. “What’s the reason to jump in?”
The Dow industrials rose 9.38 points, or 0.1%, to 17720.50, leaving the index nearly flat for the week.
The S&P 500 lost 0.35 point, or less than 0.1%, to 2064.11. The Nasdaq Composite Index fell 23.35 points, or 0.5%, to 4737.33.
U.S. crude prices whipsawed for most of the session after the International Energy Agency said global oil supplies will experience a “dramatic reduction” in the second half of the year.
U.S. crude futures rose 1% to settle at a new six-month high of $46.70 a barrel.
Energy shares in the S&P 500 rose 0.4%, outperforming the broader market.
Chevron increased 98 cents, or 1%, to 102.12, while Exxon Mobil added 86 cents, or 1%, to 89.67.
Nike led the Dow industrials higher, gaining 98 cents, or 1.7%, to 57.99.
Retailer Kohl’s fell 3.55, or 9.2%, to 35.15, its lowest close since March 2009. The retailer reported an 87% drop in profit in the latest quarter as sales unexpectedly fell.
Macy’s earnings on Wednesday fueled concerns about consumer spending and sparked a sharp selloff in several store operators and clothing companies.
“Maybe we’re reviving manufacturing and energy a little bit, but if the consumer fails, there would be greater concern on the overall economy again in a hurry,” said Jim Paulsen, chief investment strategist at Wells Capital Management.
While he doesn’t expect a big downturn, “any information suggesting the consumer is fading would increase anxieties quite a bit,” he said.
The S&P 500 is up 1% this year, a challenge to investors searching for returns.
“We’re in this low-yield environment and the ability to achieve good competitive rates of income are getting scarcer,” said Leo Marzen, co-founder of Bridgewater Advisors, which manages about $1 billion.
Gold for May delivery fell 0.3% to $1,270.30 an ounce.
