The Standard & Poor’s 500 index plunged 4 points, or 0.2 percent,
to 1,998 as of 11:14 a.m. Eastern. The Dow Jones industrial average
fell 43 points, or 0.3 percent, to 17,238. The Nasdaq composite dropped
22 points, or 0.5 percent, to 4,632.
The Oil Prices declined today and removing its early gain. U.S. crude oil dropped $1.11 and is at $56.71 a barrel.
Oil has declined about half since June on waning global demand and
abundant supplies. The recent drop to five-year lows has been roiling
stock markets.
“We’ve got a pattern now of as goes oil, so goes the market. It doesn’t necessarily make sense, but that’s the nature of the beast until it’s not,” said Art Hogan, chief market strategist at Wunderlich Securities.
“When we see any asset class falling precipitously, it’s difficult for other asset classes to catch a bid,” Hogan said.
U.S. government Bonds prices declined.
The U.S. dollar added against the other global currencies.
“There are winners and losers as a result of the fall in oil prices. Overall, lower energy costs are a net positive for the U.S. economy. Energy prices are exacerbating already existing Russian woes, and the ruble fell to record lows versus the dollar,” Bill Stone, chief investment strategist at PNC Asset Management Group, wrote in emailed commentary.
By looking at Energy Sector stocks, the decline is due to the fall in Oil prices today.
Some of the Energy sector companies that are declining in today’s trade are Kinder Morgan Inc(NYSE:KMI), ConocoPhillips(NYSE:COP), Statoil ASA(ADR)(NYSE:STO), Occidental Petroleum Corporation(NYSE:OXY), EOG Resources Inc(NYSE:EOG) and Petroleo Brasileiro Petrobras SA (ADR)(NYSE:PBR).
source: http://www.streetregister.com/why-energy-stocks-declined-today-kinder-morgan-kmi-conocophillipscop-statoil-sto-occidental-petroleum-corporationoxy-eog-resources-inceog-and-petroleo-brasileiro-petrobras-sa-pbr/256138/
The Oil Prices declined today and removing its early gain. U.S. crude oil dropped $1.11 and is at $56.71 a barrel.
“We’ve got a pattern now of as goes oil, so goes the market. It doesn’t necessarily make sense, but that’s the nature of the beast until it’s not,” said Art Hogan, chief market strategist at Wunderlich Securities.
“When we see any asset class falling precipitously, it’s difficult for other asset classes to catch a bid,” Hogan said.
U.S. government Bonds prices declined.
The U.S. dollar added against the other global currencies.
“There are winners and losers as a result of the fall in oil prices. Overall, lower energy costs are a net positive for the U.S. economy. Energy prices are exacerbating already existing Russian woes, and the ruble fell to record lows versus the dollar,” Bill Stone, chief investment strategist at PNC Asset Management Group, wrote in emailed commentary.
By looking at Energy Sector stocks, the decline is due to the fall in Oil prices today.
Some of the Energy sector companies that are declining in today’s trade are Kinder Morgan Inc(NYSE:KMI), ConocoPhillips(NYSE:COP), Statoil ASA(ADR)(NYSE:STO), Occidental Petroleum Corporation(NYSE:OXY), EOG Resources Inc(NYSE:EOG) and Petroleo Brasileiro Petrobras SA (ADR)(NYSE:PBR).
source: http://www.streetregister.com/why-energy-stocks-declined-today-kinder-morgan-kmi-conocophillipscop-statoil-sto-occidental-petroleum-corporationoxy-eog-resources-inceog-and-petroleo-brasileiro-petrobras-sa-pbr/256138/
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