Stocks Fall On Oil And Metal — Acadiana Business Index
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.