You are here
US stocks slip as falling oil prices punish energy companies Market News 

US stocks slip as falling oil prices punish energy companies

US stocks slip as falling oil prices punish energy companies

US stocks slip as falling oil prices punish energy companies

US stocks wobbled and finished mostly lower Monday as the price of oil continued to nosedive thanks to the strong dollar. Energy companies took the biggest losses as U.S. crude hovered around $40 US a barrel, its lowest price in almost four months, and materials companies also traded lower.

Every oil, gas and pipeline company on the Standard & Poor’s 500 finished lower as a slump in the price of oil and other fuels extended into a third week. The losses for energy and mining, chemical and building companies canceled out gains for technology and health care companies. A survey showed U.S. manufacturing continued to grow in July, but did so at a slower pace than the month before. That, too, is linked to strength in the dollar.

300x250 fsci banner en 10.10

Benchmark U.S. crude lost $1.54 US, or 3.7 per cent, to $40.06 a barrel in New York, while Brent crude, which is used to price international oils, gave up $1.39, or 3.2 per cent, to $42.14 a barrel in London. The price of oil has fallen 13 per cent in a little more than two weeks and during the day it traded below $40 a barrel for the first time since April 8. Exxon Mobil fell $3.09, or 3.5 per cent, to $86.85, its biggest loss since January. Chevron shed $3.37, or 3.3 per cent, to $99.11.

Ionis Pharmaceuticals rose after it said a drug designed to treat spinal muscular atrophy in infants worked in a late-stage clinical study. It also said drugmaker Biogen exercised an option to develop the drug globally and will pay Ionis $75 million. Biogen plans to start seeking marketing approval for the drug, nusinersen, in the next few months. Ionis surged $8.82, or 30.2 per cent, to $38.01 and Biogen gained $11.90, or 4.1 per cent, to $301.83, more than any other S&P 500 stock.

Those moves helped pull health care stocks higher. Technology and consumer stocks also gained ground, and the S&P 500 consumer company and tech indexes reached annual highs. Netflix rose $3.12, or 3.4 per cent, to $94.37 and Apple added $1.84, or 1.8 per cent, to $106.05.

Click here for reuse options!
Copyright 2016 Investors Buz
follow me

Jadtecnic

Founder.Editor at Investors Buz
Jadtecnic @INVESTORSBUZ.COM   (Global Markets Round)  Founded 2011

Our Focus is shifting Financial Investments news, Trading , Markets Binary Options. FOREX Analysis .
Richard Dambrosi   On Google+
Investing Tips and Education, Though Binary Option Trading Is high Return Like any Investment ..
follow me

Related posts

One thought on “US stocks slip as falling oil prices punish energy companies

  1. […] of business models, and the availability of financing to support the growth strategies of energy companies. They are also concerned about the net metering policy changes in several U.S. […]

Leave a Comment