S&P 500 slips into correction led by energy stocks
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.