Crude Oil Falls Nearly $3 A Barrel – Acadiana Business Index
- The Dow Jones Industrial Average gave up 40 points to 13,553, the S&P 500 fell 5 points to 1461, and the NASDAQ ended in the red by 5 points to 3179.
- Stocks moved lower from the opening bell as investors took a breather from the recent Federal Reserve-induced rally.
- Economic data was also a factor in the session after manufacturing in the New York region contracted more than anticipated.
- Seven of the 10 sectors on the S&P ended lower, led by losses in material stocks.
- Steel producers paced the decline with U.S. Steel falling $1.04 to $21.31 and AK Steel giving up 34 cents to $5.53 after both companies received an analyst rating downgrade.
- Energy stocks were also under pressure after crude oil suddenly fell $2.99 to $96.01 per barrel on speculation of a strategic reserve release. Shares of Exxon fell 39 cents to $91.91 and Transocean shed 79 cents to $45.79.
- In other news, Apple advanced $8.50 to $699.78 after the company reported record setting sales over the weekend on its new iPhone 5.
- Composite volume on the NYSE was 3.2 billion shares with declining issues besting advancers by a margin of 2-1. The NASDAQ was 8-5 negative on issues.
- Turning to fixed income, treasuries are higher along the curve with the benchmark 10-year note up 13/32 to yield 1.84%.
For the complete economic report, click Ken's Market Report.