S&P 500 slips into cor­rec­tion led by en­ergy stocks

Business a.m. - - WORLD BUSINESS & ECONOMY -

STOCKS FELL AND the S&P 500 In­dex tum­bled into a cor­rec­tion in short­ened Black Fri­day trad­ing as en­ergy com­pa­nies were bat­tered with oil slid­ing be­low $51 a bar­rel, its low­est in a year.

Bloomberg re­ports crude’s weak­ness on signs of oversupply also paced a broad re­treat in com­modi­ties, and the dol­lar climbed with Trea­suries.

All ma­jor eq­uity bench­marks were lower. The S&P 500 In­dex had its worst Thanks­giv­ing week per­for­mance since 1939, and is down 10 per­cent from its Septem­ber high, the tech­ni­cal def­i­ni­tion of a cor­rec­tion.

En­ergy was by far the worst per­form­ing group on Fri­day, with com­pa­nies like Devon En­ergy Corp. and Marathon Oil Corp. los­ing at least 4 per­cent. West Texas In­ter­me­di­ate crude slid 6.3 per­cent to $51.20 and is down 33 per­cent since hit­ting a four-year high of $76.41 last month.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.