Stocks slip on Wall Street as the price of oil falls back | National News
A currency trader passes by screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, March 25, 2021. Shares advanced in Asia on Thursday after a broad decline on Wall Street led by selling of tech heavyweights like Facebook and Apple.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, March 25, 2021. Shares advanced in Asia on Thursday after a broad decline on Wall Street led by selling of tech heavyweights like Facebook and Apple.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, March 25, 2021. Shares advanced in Asia on Thursday after a broad decline on Wall Street led by selling of tech heavyweights like Facebook and Apple.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, March 25, 2021. Shares advanced in Asia on Thursday after a broad decline on Wall Street led by selling of tech heavyweights like Facebook and Apple.
Pedestrians walk past the New York Stock Exchange in New York’s Financial District, Tuesday, March 23, 2021. Stocks are slipping in early trading on Wall Street Thursday, with energy stock taking the hardest hits as the price of oil falls back, despite a round of encouraging reports on the economy.
Stocks are slipping in early trading on Wall Street Thursday, with energy stocks taking the hardest hits as the price of oil falls back, despite a round of encouraging reports on the economy.
The S&P 500 was 0.6% lower for the latest ebb in the back-and-forth trading it’s gone through the last few weeks. Expectations that the economy will soar thanks to COVID-19 vaccinations and huge amounts of spending by Washington are supporting much of the market, but a quick rise in interest rates is undercutting stocks at the same time.
The Dow Jones Industrial Average was down 245 points, or 0.8%, at 32,174, as of 9:52 a.m. Eastern time. The Nasdaq composite index was 0.7% lower.
Stocks of energy producers dropped to the sharpest losses after the price of U.S. oil slumped 3.3% to $59.14 per barrel. Diamondback Energy fell 4.9%, and Halliburton dropped 4.5%.
Oil’s price was giving back a big portion of its 6% jump from a day earlier, when it jumped above $61 per barrel after a skyscraper-sized cargo ship wedged itself across Egypt’s Suez Canal and raised worries about supply disruptions.
Yields in the Treasury market also continued to ease after the 10-year yield spiked above 1.70% last week, its highest level since before the pandemic started. The 10-year Treasury yield, which helps set rates for all kinds of loans, fell to 1.59% from 1.61% late Wednesday.
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