Markets > Stocks

U.S. stocks tumble as attacks on Saudi oil facilities stoke growth fears

2019-09-17 05:41

Already collect

NEW YORK, Sept. 16 (Xinhua) -- U.S. stocks retreated on Monday as market sentiment was dented by drone attacks on oil facilities in Saudi Arabia over the weekend.

The Dow Jones Industrial Average fell 142.70 points, or 0.52 percent, to 27,076.82. The S&P 500 was down 9.43 points, or 0.31 percent, to 2,997.96. The Nasdaq Composite Index slid 23.17 points, or 0.28 percent, to 8,153.54.

Eight of the 11 primary S&P 500 sectors finished lower, with materials and consumer discretionary down 1.63 percent and 1.31 percent, respectively, leading the laggards. Energy, however, soared 3.29 percent, outperforming the rest.

Oil prices gained significantly on Monday as weekend attacks on Saudi oil fields caused disruption of oil production in the region, which also intensified fears of global economic slowdown.

Even a temporary spike in oil prices can be disruptive, particularly at a time when the global economy is already showing weakness from other causes, noted some experts.

Shares of General Motors closed down 4.25 percent amid a strike after contract negotiations between the automaker and the United Auto Workers broke down.

Meanwhile, Wall Street is awaiting the U.S. Federal Reserve's latest announcement on interest rates, which is scheduled on Wednesday afternoon.

Add comments

Latest comments

Latest News
News Most Viewed