Home Daily Blitz Oil Drop, China Data Drag Wall Street Lower
0

Oil Drop, China Data Drag Wall Street Lower

0
0
Traders work on the floor of the New York Stock Exchange (NYSE), March 4, 2016. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange (NYSE), March 4, 2016. REUTERS/Brendan McDermid

The following is an excerpt from RODRIGO CAMPOS | March 8, 2016 | reuters.com |

U.S. stocks ended near the lows of the day on Tuesday as energy shares tumbled alongside the price of oil and soft Chinese trade data rekindled fears that the global economy is weaker than anticipated.

U.S. crude futures CLc1 fell more than 4 percent in post-settlement trading, in their largest daily decline since bottoming so far for the year on Feb. 11. Since that low, the U.S. barrel of crude rose as much as 45.5 percent.

Despite the rebound in crude prices, oversupply and expectations of weak demand from China have weighed on investor sentiment. The price of oil and equity indexes have been strongly correlated this year.

For more visit: reuters.com

Menu