December 12, 2017
Wednesday, February 24, 2016

Wall Street closes in the green as oil rises

Wall Street was lower on Wednesday morning, as energy stocks took a hit from a slide in oil prices after Saudi Arabia ruled out a cut in output to help tackle a global glut.

Stocks have closely tracked oil prices this year as investors fret about the health of the global economy. The S&P 500 is down 6 percent for the year, while the Nasdaq composite has shed more than 10 percent.

At 9:39 a.m. ET (1439 GMT), the Dow Jones industrial average was down 184.22 points, or 1.12 percent, at 16,247.56.

The S&P 500 was down 22.26 points, or 1.16 percent, at 1,899.01 and the Nasdaq Composite index was down 58.81 points, or 1.31 percent, at 4,444.77.

European equities fell for a second straight session to a one-week low, with further selling pressure on commodities-related shares as prices of copper and crude oil slipped.

The pan-European FTSEurofirst 300 index ended down 2.3 percent at its lowest level in around a week, extending losses from a 1.3 percent slide in the previous session.

Japanese stocks fell as a stronger yen weighed on exporters and oil prices extended sharp declines, after top crude exporter Saudi Arabia ruled out production cuts while industry data showed growing US stock piles.

The Nikkei share average fell 0.9 percent to 15,915.79 for its lowest close in a week.

The broader Topix index slipped 0.5 percent to end the session at 1,284.53 with all but 11 of 33 subindexes negative. The JPX-Nikkei Index 400 declined 0.6 percent to 11,625.38.

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Tags:  US  stock market  Europe  Nikkei  

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