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BUSINESSWednesday 24 February
Stocks end lower on Wall Street as commodities prices fall
KEN SWEET fell to its lowest level in ter the International Energy
AP Business Writer seven months. The Dow Agency said on Monday it
NEW YORK (AP) — Stocks Jones industrial average does not expect oil prices
fell broadly on Tuesday as fell 188.88 points, or 1.1 to recover significantly until
commodity prices retreat- percent, to 16,431.78. The 2017. The agency did say
ed. Crude oil sank more Standard & Poor’s 500 in- it expects slower growth in
than 4 percent. Investors dex lost 24.23 points, or 1.3 global supplies. Crude oil
remained worried about percent, to 1,921.27 and fell $1.52, or 4.6 percent,
growth in China as the the Nasdaq composite fell to $31.87 a barrel while
country cut the value of its 67.02 points, or 1.5 percent, Brent crude, which is used
currency against the dollar to 4,503.58. to price oils internationally,
yet again. As has happened multiple fell $1.42, or 4.1 percent, to
Investors were also discour- times this year, stocks fell in $33.27 a barrel in London.
aged by a report showing tandem with energy prices. Energy stocks fell far more
that consumer confidence Oil prices moved lower af- than the rest of the market,
Fred DeMarco, right, works with fellow traders on the floor of the
New York Stock Exchange, Tuesday, Feb. 23, 2016. Stocks fell
broadly on Tuesday as commodity prices retreated.
(AP Photo/Richard Drew)
with the energy compo- fidence fell to 92.2 in Febru-
nent of the S&P 500 drop- ary, down sharply from a
ping 3.2 percent. reading of 97.8 in January
It’s not uncommon to see and the lowest level since
stocks give up some of July. Consumers expressed
their gains after a strong worries about deteriorat-
multi-day like the one that ing business conditions and
happened last week, but turbulence in the financial
traders say the mood in markets for their drop in
the market is still cautious. confidence.
They note that trading vol- Among individual com-
ume has been far lighter on panies, Fitbit, a maker of
days the market has risen wearable fitness trackers,
and heavier on days it has fell $3.44, or 21 percent, to
fallen. That suggests there is $13.08 after the company
more interest among inves- issued a weak forecast for
tors in getting out of stocks 2016. Dow member United
than there is in getting in Technologies lost 77 cents,
to them. “We aren’t see- or 1 percent, to $91.60 af-
ing the buying interest that ter the company rejected
you would usually see in a a merger offer from Honey-
major upward swing in the well. U.S. government bond
markets,” said Ryan Larson, prices rose. The yield on
head of U.S. equity trad- the 10-year Treasury note
ing at RBC Global Asset edged down to 1.72 per-
Management. “Although cent from 1.75 percent a
we have come off the bot- day earlier. The dollar fell to
tom, it’s still quite volatile 112.06 yen from 112.83 yen
out there.” Investors were while the euro weakened
also still watching develop- to $1.1009 from $1.1026.
ments out of China, where In other energy prices,
the People’s Bank of Chi- heating oil fell 3.3 cents to
na announced it had cut $1.022 a gallon, wholesale
its daily rate between the gasoline fell 3.4 cents to
yuan and the dollar more 96.6 cents and natural gas
than expected. The weak- fell 3.9 cents to $1.782 per
ening yuan was a major thousand cubic feet.
cause of market turmoil in Precious and industrial
August 2015 as investors metals futures ended
worried that it signaled a mixed. Gold rose $12.50
slowdown in China’s econ- to $1,222.60 an ounce, sil-
omy. ver rose six cents to $15.24
Here in the U.S., a report an ounce and copper
from the Conference Board slipped a penny to $2.11 a
showed U.S. consumer con- pound.q
