* Oil prices up 52 pct in 2016; S&P energy index best
* Utilities, telecom services top losers among S&P 500
* Mylan rises after launching two generic drugs
* Indexes down: Dow 0.02 pct, S&P 0.05 pct, Nasdaq 0.07 pct
(Updates to open)
By Yashaswini Swamynathan
Dec 30 Wall Street was flat after the open on
the last trading day of 2016 due to losses across most sectors,
but was still on track to record hefty gains for the year.
The S&P is on track to rise nearly 10 percent this year, the
Nasdaq 8.3 percent and the Dow 13.7 percent.
The markets have shown surprising resilience to major
political events, such as Britain's vote in June to leave the
European Union and the election of Donald Trump as U.S.
president in November.
U.S. stocks, which had not priced in a Trump victory in the
run-up to the vote, marked a series of record highs on bets that
his policies would spur growth.
"The prospects of growth took center stage this year, with
investors hoping that the new political phenomenon will spur the
economy," said Adam Sarhan, chief executive officer at 50 Park
Investments in Orlando, Florida.
This year also stands in stark contrast to 2015 when a steep
drop in oil prices left the S&P 500 and the Dow nursing losses.
The commodity bounced back by more than 50 percent for its best
year since 2009, partly due to a deal by major producers to
The S&P energy index, which was the worst performer
last year, is set to become the biggest gainer among the 10
other industry sectors in 2016.
At 9:39 a.m. ET (1439 GMT) the Dow Jones Industrial Average
was down 3.64 points, or 0.02 percent, at 19,816.14.
The S&P 500 was down 1.26 points, or 0.05 percent, at
The Nasdaq Composite was down 3.64 points, or 0.07
percent, at 5,428.45.
Eight of the 11 major S&P 500 sectors were lower, with
utilities and telecom services taking the
Cabela's shares fell 6 percent to $58.14 after U.S.
antitrust regulators requested additional information regarding
Bass Pro Shops proposed acquisition of the hunting and fish gear
Mylan rose 1.7 percent to $38.02 after the drug
maker launched generic versions of two drugs.
Advancing issues outnumbered decliners on the NYSE by 1,452
to 1,094. On the Nasdaq, 1,123 issues fell and 1,092 advanced.
The S&P 500 index showed one new 52-week high and no new
lows, while the Nasdaq recorded 17 new highs and 10 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by