Stock rally stalls; oil hits 2019 high

Credit: Reuters Studio
Published on April 2, 2019 - Duration: 01:37s

Stock rally stalls; oil hits 2019 high

U.S. stocks were little changed one day after a solid rally swept the S&P 500 nearer to a previous record, while oil prices rallied to the high for the year.

Conway G.

Gittens reports.

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Stock rally stalls; oil hits 2019 high

Wall Street took a pause after a three-day run up.

The Dow posted a modest drop on Tuesday, the S&P 500 was little changed and the Nasdaq posted a small gain.

Drug stocks were a weak spot.

Walgreens Boots Alliance not only missed quarterly profit forecasts in what it called the "most difficult quarter" since the merger of Alliance Boots and Walgreen, it also cut its profit growth forecast for the year.

The stock tumbled to a 5-year low.

Earnings season might break the market out of a holding pattern, says Chris Konstantinos, chief investment strategist at RiverFront Investment Group.

SOUNDBITE (ENGLISH) : CHRIS KONSTANTINOS, CHIEF INVESTMENT STRATEGIST, RIVERFRONT INVESTMENT GROUP (SAYING): "If you were looking for a reason for the market to stall right here, earnings season would probably be a decent one.

The good news is, like we said, earnings revisions have come down.

The bad news is that the stocks haven't.

We've had a pretty tremendous run in the first quarter, especially in technology stocks - up close to 20 percent.

The S&P 500 is up close to 15 percent for the quarter.

So there are expectations coming in to earnings are a little frothy." Shares of Lyft continued to slide.

One Wall Street firm expressed doubt Americans are ready to permanently ditch car buying, and slapped a rare "sell" rating on the stock.

Lyft is now down more than 20 percent from the post-iPO high set on Friday.

Oil rallied to its highest price of the year - closing above $62 a barrel in the U.S. Supply concerns fueled the rally as Washington considers more sanctions against OPEC member Iran, and turmoil in Venezuela keeps that country's oil off the global market.

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