Posted on 02/02/2016 2:24:13 PM PST by John W
Wall Street stocks ended sharply lower Tuesday as investors unloaded energy and financial stocks amid a selloff in crude-oil futures, which settled below $30 a barrel.
The downdraft in energy shares and banks offset strong gains in Google parent Alphabet Inc.-which officially surpassed Apple Inc. to become the most valuable company in the world-toy maker Mattel, and fashion retailer Michael Kors.
A fresh 5.5% slump in oil prices following a 6% slide Monday, weighed on energy companies' stocks. The energy sector had the worst performance of the S&P 500's 10 sectors, down 3.3%, followed by financials, declining 2.6%.
(Excerpt) Read more at marketwatch.com ...
It’s whats causing the cheap gas prices that’s doing the damage. When an industry as large and far reaching as the oil and gas business is starts dropping it hurts allot of people. We have 39 oil and gas producing states.
Stocks tumbling for third straight day led by financials.
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