December 12, 2017
Friday, January 8, 2016

Wall Street turns negative as oil resumes downward spiral

US stocks pared gains and turned negative, weighed down by energy stocks as oil prices dipped below $33 a barrel -their lowest in more than a decade.

Oil erased earlier gains, pressured by persistent global oversupply and a bleak demand outlook. They have lost about 70 percent since mid-2014.

Exxon and Chevron fell about 1.5 percent weighing the most on the Dow and S&P 500.

Stocks had been higher earlier in the day as market tumult in China eased and data showed robust US job growth.

Nonfarm payrolls surged in December and unemployment rate held steady at 5 percent. October and November payrolls were revised sharply higher.

The upbeat report suggested that a recent manufacturing-led slowdown in economic growth would be temporary.

The Dow Jones industrial average was down 44.14 points, or 0.27 percent, at 16,469.96, the S&P 500 was down 5.5 points, or 0.28 percent, at 1,937.59 and the Nasdaq Composite index was down 13.05 points, or 0.28 percent, at 4,676.38.

European shares fell with lingering worries about China causing a major regional equity index to suffer its worst weekly loss since August 2011.

The pan-European FTSEurofirst 300 index ended down 1.5 percent, leaving it with a loss of around 7 percent over the course of the week.

Japanese stocks fell, making the new year the first since 1949 that opened with five consecutive losing sessions.

Nervous investors sought to lessen their exposure ahead of US jobs data and a three-day weekend in Japan.

The Nikkei share average fell 0.4 percent to 17,697.96 after selling accelerated late in the session, erasing earlier gains that followed a rebound in Chinese markets.

The benchmark index shed 7 percent in the first week of the new year for its biggest weekly decline since early September. The broader Topix shed 0.7 percent to end the session at 1,447.32 with all but three of its 33 subindexes in negative territory. The index lost 6.5 percent for the week. The JPX-Nikkei Index 400 fell 0.7 percent to 13,029.77.

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Tags:  US  stock market  Europe  Nikkei  

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