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US stocks drop as oil sell-off resumes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The US equities are broadly lower, tracking a 3% loss in oil prices and the weakness in the European and Asian equities.

    At the time of writing, the Dow Jones Industrial Average (DJIA) was down 0.4% or 65 points. The S&P 500 index was down 0.30% or 5 points. The tech index Nasdaq was trading up 0.20%.

    Energy stocks dragged the Dow index lower. Chevron and Exxon Mobil were down at least 1% each. Shares in Caterpillar were down 1.4%. Meanwhile, the winning side included names like American Express, Nike, Apple, Home Depot and Walt Disney.

    Oil prices at both the sides of the Atlantic fell more than 3% after the record high US inventories shifted focus back on concerns of excess supply. Meanwhile, talks between OPEC and non-OPEC producers were seem to be heading nowhere.

    Stocks had risen sharply earlier this week due to oil price rally and hopes of more monetary stimulus in Japan and Eurozone.
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