NEW YORK (AP) - Losses for energy and technology companies left most U.S. stocks lower Thursday. Smaller companies fared worse as the dollar remained at 15-month lows.
Energy companies weakened as the price of oil turned lower, and technology companies declined as Apple gave up a piece of its big gain from the day before. Investors bought government bonds after some shaky economic news in the U.S. and the U.K. That sent bond yields down, which hurt financial companies. Industrial companies like 3M did well, and so did large drugmakers like Pfizer.
Small companies, which surged in November and December, have slumped this week. Firearms maker Sturm Ruger tumbled Thursday after it said sales fell in the second quarter, and sporting goods companies like Big 5 and Vista Outdoor also sank. Smaller banks fared worse than larger ones.
Julian Emanuel, an equity strategist for UBS, said that as the dollar continues to lose strength, investors are selling smaller and more domestically-focused companies and buying more international businesses, as the weaker dollar will help their profits and sales outside the U.S.
"Most people didn't expect the degree of dollar weakness that we're seeing," he said. The ICE U.S. Dollar Index is down 9 percent this year and hasn't been this low in about 15 months.