Tags: stock | energy | crude | oil

Stock Rebound Fizzles as Energy Shares Slide With Crude Oil

Tuesday, 14 October 2014 05:03 PM

A rebound in U.S. stocks faded late in the session as energy shares slid with the price of oil, snuffing out most of an earlier rally in benchmark indexes led by industrial companies, airlines and banks.

The Standard & Poor’s 500 Index ended the session up less than 0.2 percent at 1,877.74 at 4 p.m. in New York after earlier climbing as much as 1.3 percent. The measure is down 6.6 percent from its record on Sept. 18 and Monday capped its worst three-day retreat since 2011. The Dow Jones Industrial Average lost 5.75 points, or less than 0.1 percent, to 16,315.32 Tuesday, wiping out a 143 point earlier gain.

Energy shares in the S&P 500 lost 1.2 percent as a group and extended their retreat from a June record to more than 20 percent. West Texas Intermediate crude oil slid 4.5 percent to $81.91 a barrel, the lowest price in more than two years, after the International Energy Agency said demand will expand this year at the slowest pace since 2009. Brent crude sank to the lowest since 2010.

Some 53 S&P 500 companies are scheduled to release earnings this week, according to data compiled by Bloomberg. Profit for members of the index probably rose 4.8 percent in the third quarter and sales gained 4.2 percent, analysts projected.

Data from Europe Tuesday showed consumer prices in Sweden and Spain fell, U.K. inflation slowed to a five-year low, and a measure of German investor confidence decreased for a 10th month. The German government cut its economic forecast for this year and for 2015.

U.S. equities have lost almost $744 billion in value since Oct. 8 amid concern that slower global growth could hurt America’s economic recovery just as the Federal Reserve gauges when to raise interest rates. Monday’s selloff accelerated as airlines sank on Ebola concerns and energy shares plunged after Brent crude dropped to the lowest in almost four years.

The S&P 500 closed below its 200-day average for the first time in two years Monday and slid to the lowest level since May.

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A rebound in U.S. stocks faded late in the session as energy shares slid with the price of oil, snuffing out most of an earlier rally in benchmark indexes led by industrial companies, airlines and banks.
stock, energy, crude, oil
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2014-03-14
Tuesday, 14 October 2014 05:03 PM
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