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December 13, 2017
Tuesday, November 4, 2014

S&P 500, Nasdaq slip; oil prices drag down energy

The S&P 500 and Nasdaq ended lower today as another big drop in oil prices dragged down energy shares and Priceline's earnings forecast disappointed.

The S&P 500 energy sector fell 1.9 percent, extending the group's recent drop, the Energy Select Sector SPDR ETF dropped 2.1 percent, and Chevron Corp eased 1.2 percent to $115.37.

The Dow ended slightly higher, although was unable to break above its record close from Friday. While the market has bounced back strongly from its recent selloff, the energy sector remains under pressure from plunging oil prices.

US crude oil hit its lowest in about three years after Saudi Arabia cut sales prices to the United States. Crude is down more than 30 percent from a recent closing peak.

The Dow Jones industrial average rose 17.6 points, or 0.1 percent, to 17,383.84, the S&P 500 lost 5.71 points, or 0.28 percent, to 2,012.1 and the Nasdaq Composite dropped 15.27 points, or 0.33 percent, to 4,623.64.

The Dow Jones transportation average rose 0.4 percent and posted another record high close.

European shares extended losses in late trading after Reuters reported that central bankers in the euro area planned to challenge European Central Bank chief Mario Draghi over his secretive management style.

Division within the ECB, on whose policymaking council national governors hold a majority, could limit the euro zone central bank's capacity for bolder policy action to stave off deflation and spur growth in the 18 countries using the euro.

A cut by the European Commission to its growth forecast for the euro zone also pressured stocks, with the pan-European FTSEurofirst 300 index closing 1 percent lower at 1,326.59 points after hitting an early high of 1,346.49.

Across Europe, Britain's FTSE 100 fell 0.5 percent, Germany's DAX dropped 0.9 percent, France's CAC fell 1.5 percent and Italy's FTSE MIB fell 2.2 percent.

Among sectors, energy shares fell sharply as crude oil slumped about 3 percent to its lowest in more than four years near $82 a barrel after top oil exporter Saudi Arabia cut sales prices to the United States.

The STOXX Europe 600 Oil and Gas index fell 3.8 percent, the biggest one-day percentage fall in one month. Energy companies Royal Dutch Shell, Total, Tullow Oil, Statoil, BG Group and Seadrill fell 1.8 to 8.6 percent.

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Tags:  Stocks  shares  FTSEurofirst  Nikkei  US  Dow Jones  





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