March 24, 2016 / 8:18 PM / a year ago

BUZZ-U.S. stocks weekly: Rally stalls

2 Min Read

** S&P 500 ends five straight weeks of gains, but
dips just 0.7 pct in subdued trading
    ** Traders note popular shorts have underpinned recent
rally, and covering support likely continues despite major
indices showing cracks  
    ** 7 of 10 S&P sectors lower. Energy loses 2.4 pct
and materials fall 1.6 pct as NYMEX crude 
slides most in 2 mths 
    ** Energy names dominate SPX loser board with only 3 stocks
in sector seeing green
    ** Financials also pull back, drop 1.9 pct, as UBS
says Wells Fargo's credit risk extends beyond bank's
energy portfolio. And pessimism increases on Q1
earnings for Goldman Sachs 
    ** Tech slips fractionally. Apple's 
latest product launches considered a non-event, while stock's
recent surge not as robust as it seems  
    ** On plus side, utilities add 0.5 pct. Exelon
Corp seals deal with Pepco Holdings 
    ** Healthcare grinds 0.6 pct higher. Valeant's
  reshuffling sparks a relief rally in shares of
Mallinckrodt Plc, SPX best performer up 10 pct
 
    ** Other notable SPX winner Staples climbs 8 pct.
Testimony by an Amazon.com exec adds intrigue to
Staples' plans to merge with Office Depot 
    ** Though not an SPX member, SunEdison's stock continues to
flicker and plunges 43 pct 
    ** One-year sector performance for the S&P 500 : reut.rs/1k6B7QQ
  

 (RM: lance.tupper.tr.com@reuters.net; Messaging:
terence.gabriel.tr.com@reuters.net)

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