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US: Stocks dip as oil stabilises

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[NEW YORK] Wall Street stocks retreated early Friday as oil prices stabilized and banking shares were mixed after passing the first stage of Federal Reserve stress tests.

US oil prices were up slightly as the market steadied after some deep declines earlier in the week due to worries about excess crude supplies. Dow members ExxonMobil and Chevron were modestly higher shortly after the open.

Among large banks, JPMorgan Chase and Citigroup were up, while Morgan Stanley and Bank of America retreated after the Fed concluded large banks could withstand a severe recession and still be able to lend.

The second phase of the Fed's stress tests will be released next week and gauge bank plans for share repurchases and dividends.

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About 20 minutes into trading, the Dow Jones Industrial Average was down 0.2 per cent at 21,352.74.

The broad-based S&P 500 lost 0.1 per cent to 2,432.38, while the tech-rich Nasdaq Composite Index shed 0.2 per cent to 6,221.64.

Bed Bath & Beyond slumped 10.6 per cent after reporting comparable sales fell two per cent in the first quarter, the latest disappointing report from a retailer struggling with the rise of e-commerce.

AFP

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