Home / Business / US stocks pull back in afternoon trading as oil prices drop
oil prices drop on wall street
Trader Christopher Morie works on the floor of the New York Stock Exchange, Tuesday, March 8, 2016. Stocks are pulling back in morning trading Tuesday as oil prices slip and energy companies drop sharply. (AP Photo/Richard Drew)

US stocks pull back in afternoon trading as oil prices drop

NEW YORK (AP) — Stocks are pulling back in late afternoon trading Tuesday as energy companies sink along with the price of crude oil. Murphy Oil plunged 15 percent and oil rig operator Transocean lost 9 percent. Traders were also discouraged by weak trade figures from China.

KEEPING SCORE: The Dow Jones industrial average slipped 59 points, or 0.3 percent, to 17,015 as of 2:58 p.m. Eastern time. The Standard & Poor’s 500 index fell 15 points, or 0.8 percent, to 1,987. The Nasdaq composite gave up 37 points, or 0.8 percent, to 4,671.

THE QUOTE: “We’re overbought,” said Chief Investment Officer Bill Stone of PNC Asset Management Group, noting that the S&P 500 is up about 10 percent from mid-February. “People are taking some profits off of the larger run-up from the low.”

SHAKE QUAKE: Hamburger chain Shake Shack plunged $4.09, or 10 percent, to $38.14 after delivering quarterly results and an outlook that disappointed investors.

URBAN JUMPS: Urban Outfitters jumped $4.56, or 16 percent, to $32.72. Late Monday, the retailer reported strong earnings and improved margins during the holiday season. The Philadelphia-based company said it earned $72.9 million, or 61 cents per share, in its fourth quarter ended Jan. 31, better than analysts expected.

OIL FALLS: Benchmark U.S. crude fell $1.40, or 3.7 percent, to $36.50 a barrel on the New York Mercantile Exchange. It jumped $1.98 on Monday. Brent crude, which is used to price international oils, fell $1.19, or 3 percent, to $39.65 a barrel. In other energy trading, wholesale gasoline fell less a penny to $1.388 a gallon, heating oil dropped 2.3 cents to $1.20 a gallon and natural gas rose 2.2 cents to $1.712 per 1,000 cubic feet.

CHINA TRADE: China’s exports plunged 25 percent in February from a year earlier, as weak global demand and a business shutdown during the Lunar New Year holiday combined to depress sales. Customs data Tuesday also showed imports fell 14 percent.

EUROPE DOWN: France’s CAC 40, Germany’s DAX and Britain’s FTSE 100 each fell 0.9 percent.

ASIA’S DAY: Japan’s benchmark Nikkei 225 dropped 0.8 percent and South Korea’s Kospi lost 0.6 percent. Hong Kong’s Hang Seng index shed 0.7 percent.

CURRENCIES: The euro was unchanged at $1.1013. The dollar edged down to 112.77 yen from 113.27 yen.

BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 1.83 percent from 1.91 percent late Monday.

METALS: Prices for industrial and precious metals ended broadly lower. Gold slipped $1.10 to $1,262.90 an ounce, silver fell 24 cents to $15.39 an ounce and copper lost six cents to $2.22 a pound.

In related news, Chevron cuts spending budget again.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Leave a Reply

Your email address will not be published. Required fields are marked *

*