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Markets Right Now: Stocks fall as oil prices spike

Markets Right Now: Stocks fall as oil prices spike Photo: AP.

September 16, 2019 03:23 PM

NEW YORK (AP) - The latest on developments in financial markets (all times local):

4 p.m.

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Stocks are closing lower Monday as a spike in oil prices raises fresh worries about the strength of the global economy.

The U.S. and international benchmarks for crude oil each rose more than 14% after a weekend attack on oil facilities in Saudi Arabia. Shares of oil producers jumped, with Marathon Oil gaining 11.5%.

Companies in fuel-dependent industries fell. American Airlines dropped 7.3% and Carnival Corp. slipped 3.2%.

The Dow Jones industrials fell 142 points, or 0.5%, to 27,076, breaking an eight-day win streak.

The S&P 500 slid 9 points, or 0.3%, to 2,997. The Nasdaq fell 23 points, or 0.3%, to 8,153.

Bonds rose after a recent sell-off. The yield on the 10-year Treasury dropped to 1.84% from 1.90% Friday. That hurt bank stocks - Goldman Sachs dropped 1.2%.

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11:50 a.m.

Stocks are lower at midday Monday as oil prices spike following a weekend attack on major oil facilities in Saudi Arabia.

The U.S. and international benchmarks for crude oil each rose more than 11%. Shares of oil producers rose sharply, with Marathon Oil gaining 8.8%.

Companies in fuel-dependent industries fell. American Airlines dropped 5.3% and Royal Caribbean Cruises slipped 1.4%.

The Dow Jones Industrial Average fell 152 points, or 0.6%, to 27,067. The index has risen for eight consecutive days.

The S&P 500 is down 12 points, or 0.4%, to 2,994. The Nasdaq fell 32 points, or 0.4%, to 8,144.

Bonds rose after a recent sell-off. The yield on the 10-year Treasury dropped to 1.85% from 1.90% Friday. That hurt bank stocks, with Citigroup dropping 1.2%.

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9:40 a.m.

Stocks are lower early Monday as oil prices spike following a weekend attack on major oil facilities in Saudi Arabia.

The U.S. and international benchmarks for crude oil each rose around 10%. Shares of oil producers rose sharply, with ConocoPhillips gaining 6.5%.

Companies in fuel-dependent industries fell. American Airlines dropped 4.5% and Royal Caribbean Cruises slipped 2.7%.

The Dow Jones Industrial Average fell 88 points, or 0.3%, to 27,130. The index has risen for eight consecutive days.

The S&P 500 is down 8 points, or 0.3%, to 2,999. The Nasdaq fell 38 points, or 0.5%, to 8,137.

Bonds rose after a recent sell-off. The yield on the 10-year Treasury dropped to 1.86% from 1.90% Friday. That hurt bank stocks, with Citigroup dropping 1.2%.

Credits

AP

(Copyright 2019 by The Associated Press. All Rights Reserved.)

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