US stocks fell again Tuesday on another stormy day for global financial markets as oil prices plummeted to a fresh multi-year low.
The Dow Jones Industrial Average dropped 130.01 points (0.74 percent) to 17,371.64.
The broad-based S&P 500 tumbled 17.97 (0.89 percent) to 2,002.61, after spending a good chunk of the session below 2,000. The tech-rich Nasdaq Composite Index sank 59.84 (1.29 percent) to 4,592.74.
US oil prices tumbled to a fresh 5.5-year low of $47.93 a barrel. Other worries pertained to the drop in US Treasury bond yields and the eurozone.
"The market doesn't like uncertainty and the volatility in oil and the volatility in interest rates have certainly created uncertainty," said David Levy, portfolio manager at Kenjol Capital Management.
"The situation in Europe is also very uncertain and we're lacking a positive catalyst as of today."
Banking stocks fell. Dow member JPMorgan Chase lost 2.6 percent, Citigroup tumbled 3.5 percent and Wells Fargo shed 2.1 percent.
Petroleum-linked stocks continued to drop. ConocoPhillips slumped 4.1 percent while oil services giant Schlumberger gave up 2.0 percent.
Microblog company Twitter surged 6.5 percent on speculation that activist investor Carl Icahn could buy a stake in the company.
Michael Kors, a retailer of handbags and clothing, tumbled 8.4 percent following a downgrade by Credit Suisse. The note cited "a dramatic ramp in promotional activity seen across the retail landscape" for Kors handbags, which account for 80 percent of salse.
Coach, which also sells handbags among other upscale accessories, fell 1.2 percent after it announced it will buy Stuart Weitzman Holdings, which makes women's luxury footwear, in a deal worth up to $574 million.
Bond prices rose sharply.
The yield on the 10-year US Treasury fell to 1.94 percent from 2.04 percent Monday, dipping below 2.0 percent fro the first time since October. The yield on the 30-year bond declined to 2.50 percent from 2.60 percent. Bond prices and yields move inversely.
GMT 11:02 2018 Tuesday ,11 December
ASE opens trading on lower noteGMT 15:40 2018 Monday ,10 December
Amman stock market closes trading at JD4.4 millionGMT 19:10 2018 Wednesday ,05 December
Index at Palestine stock market drops by less than one pointGMT 17:58 2018 Sunday ,25 November
Amman stock market wraps up trading at JD2.6 millionGMT 14:24 2018 Thursday ,22 November
Russia’s stock market demonstrates record-breaking figures in 2018GMT 11:45 2018 Tuesday ,20 November
Tokyo stocks close lower as tech issues weigh, Nissan tumblesGMT 15:08 2018 Monday ,19 November
Amman stock market wraps up trading at JD6.1 millionGMT 15:51 2018 Sunday ,18 November
U.S. stocks post weekly losses amid tech shares routMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor