Oil prices sink again as post-election surge fades
U.S. stocks slipped Thursday as the ninth consecutive drop in crude oil prices hurt energy companies. U.S. markets were coming off huge gains the day before.
U.S. crude oil has now slumped more than 20 percent since early October, meeting Wall Street’s definition of a “bear market.”
Government fuel stockpiles have steadily expanded, pushing supplies higher, and the U.S. issued waivers to a number of countries that buy oil from Iran. That allows those countries to keep importing Iranian oil in spite of renewed sanctions on that country.
Most other groups of stocks finished little changed. Banks made the largest gains. The Federal Reserve left interest rates where they are but suggested it plans to keep raising rates in response to the strong U.S. economy.
The S&P 500 index shed 7.06 points, or 0.3 percent, to 2,806.83 after it jumped 2.1 percent Wednesday. The Dow Jones Industrial Average inched up 10.92 points to 26,191.22.
The Nasdaq composite dipped 39.87 points, or 0.5 percent, to 7,530.88 after a 2.6 percent surge a day earlier. The Russell 200 index of smaller-company stocks fell 3.95 points, or 0.2 percent, to 1,578.21.
Benchmark U.S. crude oil fell 1.6 percent to $60.67 a barrel in New York. Exxon Mobil fell 1.6 percent to $81.71, and ConocoPhillips gave up 4.5 percent to $119.36.