US STOCKS-Oil stocks, Berkshire lift S&P 500; Apple pushes Nasdaq lower
By Sruthi Shankar
Nov 5 (Reuters) – The S&P 500 and the Dow Jones Industrial Average rose on Monday, supported by gains in energy stocks and strong results from Berkshire Hathaway Inc, while the Nasdaq was dragged down by a 3 percent drop in Apple Inc shares.
The iPhone maker’s shares were on track for their worst two-day decline since January 2013, after the Nikkei reported that the company had told smartphone assemblers to halt plans for additional production lines dedicated to the iPhone XR.
A disappointing holiday-quarter forecast had sent the company’s shares down about 7 percent on Friday.
The energy sector, which has lagged the broader S&P 500 this year, was up 1.4 percent as the United States imposed a range of punitive sanctions on Iran, lifting oil prices by about 1 percent.
Chevron rose 3.8 percent, providing the biggest boost to the Dow, while EQT Corp and Cabot Oil were the top gainers on the S&P 500, rising 6.5 percent and 4.9 percent, respectively.
Gains in defensive sectors, including real estate, utilities and consumer staples, helped the markets rebound at the start of a packed week, which will see the U.S. midterm elections and a Federal Reserve meeting.
“One thing we’re seeing right now at a market level and a sector level is that volatility begets volatility. The fact that somebody moves up and down is more about what’s happened recently in terms of the size of those moves,” said Willie Delwiche, investment strategist at Robert W. Baird in Milwaukee.
“Tech stocks, by and large, were the last bastion of