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Stocks Fall On Oil And Metal — Acadiana Business Index

Mark Lasseigne
Mark Lasseigne

Wall Street falls as oil and metal prices slide. The Dow Jones Industrial Average lost 71 points to 13,126. Mark Lasseigne has your stock market report in today’s Acadiana Business Index.

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Alcoa, Caterpillar and United Technologies–three companies exposed to swings in the global economic cycle–led the Dow components lower.

Oil companies Exxon Mobil and Chevron also fell after a weekly report on crude-oil inventories showed U.S. stockpiles rising by 7.1 million barrels, much larger than expectations.

And, Telecommunications companies declined after RBC cut its rating on Verizon.

In economic news, a report showing U.S. durable goods orders rose 2.2% in February, much lower than the 3% rise forecasted.

One standout today was Pentair.  Shares surged 15% after the maker of water treatment and storage systems agreed to merge with Tyco International’s pipes and valves unit, valuing the business at roughly $4.5 billion.

Light sweet crude settled at $105.41 a barrel.

Gold closed at $1,658 an ounce.

 

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