Oil prices sink again as post-elec­tion surge fades

Star-Telegram - - Business - BY MAR­LEY JAY

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.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.