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BCN-06
US-STOCKS-MARKETS
US stocks resume downward slide on oil price angst
NEW YORK, Nov 24, 2018 (BSS/AFP) – Wall Street stocks resumed their
downward slide in a holiday-shortened session Friday as a sharp drop in oil
prices sparked global growth worries.
The Dow Jones Industrial Average finished down 0.7 percent at 24,285.95.
The broad-based S&P 500 also shed 0.7 percent to 2,632.56, while the tech-
rich Nasdaq Composite Index slid 0.5 percent to 6,938.98.
Petroleum-linked shares suffered a bruising session after oil prices
plummeted to their lowest level in more than a year. Dow members Exxon Mobil
and Chevron both lost more than two percent.
Traders took a dim reading of the significance of the oil pullback,
retreating into sell-off mode after big Wall Street declines on Monday and
Tuesday that were countered by modest gains Wednesdays. Trading volumes were
low, with many on Wall Street home after Thursday’s Thanksgiving holiday.
“The decline in oil prices is troubling because it means that the global
economy is weakening,” said Peter Cardillo of Spartan Capital.
Retailer shares were mixed as “Black Friday” sales kicked off the annual
holiday shopping season. Walmart, Best Buy and Gap all rose, while Amazon
Target and Macy’s fell.
Analysts expect holiday sales to rise between four and five percent this
season, owing to a strong labor market.
Airplane-parts maker Rockwell Collins surged 9.2 percent after Chinese
deregulators approved its $23 billion takeover by United Technologies. Dow
member United Technologies gained 2.6 percent, the final hurdle to the deal.
BSS/AFP/HR/0925