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December 13, 2017
Tuesday, February 9, 2016

Wall Street ends slightly lower after late rally

US stocks ended a volatile session down slightly today as a late-day rally by materials and healthcare shares offset another big drop in oil prices.

The Dow Jones industrial average was down 9.32 points, or 0.06 percent, to 16,017.73, the S&P 500 had lost 0.97 points, or 0.05 percent, to 1,852.47 and the Nasdaq Composite had dropped 14.99 points, or 0.35 percent, to 4,268.76.

The European banking index ended 4 percent lower after sinking 5.6 percent on Monday on fears of worsening bank profitability and capital strength from sustained low interest rates.

Deutsche Bank shares fell 4.3 percent after slumping 9.5 percent on Monday on concerns about its ability to maintain bond payments. Shares of US banks also stumbled, with the S&P financial index last down 0.9 percent.

Beaten-down US energy shares also fell further, with the S&P energy index last down 3.6 percent. The decline came after US stocks had lost more than 1 percent Monday.

MSCI's all-country world equity index, which tracks shares in 45 nations, was last down 3.02 points, or 0.84 percent, at 357.79.

The FTSEurofirst 300 index settled down 1.6 percent at 1,219.82.

Oil prices sank, with benchmark Brent crude prices falling to their lowest in two weeks and US crude prices falling below $28 a barrel to their lowest in just under three weeks. Forecasts for more growth in US crude stockpiles and weak demand forecasts contributed to the plunge.

Brent crude was last down $2.12, or 6.45 percent, at $30.76 a barrel. US crude was last down $1.30, or 4.38 percent, at $28.39 per barrel.

Yields on benchmark 10-year Treasury notes, known for their relative safety, extended Monday's declines to hit 1.682 percent, their lowest in a year. The notes were last up 3/32 in price to yield 1.7226, from a yield of 1.735 percent late Monday.

Gold, another safe-haven asset, rose in price and was just below the 7 1/2-month high struck the previous day.

The US dollar extended Monday's drop against the safe-haven Japanese yen, hitting its lowest against the yen since Nov. 2014 of 114.205 yen. The concerns also caused the Mexican peso to hit an all-time low against the dollar.

Spot gold prices were last up $4.75, or 0.40 percent, at $1,195.51 an ounce.

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Tags:  US  stock market  Europe  Nikkei  





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