US stocks slip as oil's slump hits energy industry

AP News
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Posted: Nov 04, 2014 4:07 PM
US stocks slip as oil's slump hits energy industry

NEW YORK (AP) — Stocks are closing mostly lower, led by declines in energy companies as the price of oil continues to fall.

The Standard & Poor's 500 index fell five points, or 0.3 percent, to 2,012 Tuesday.

The Nasdaq composite fell 15 points, or 0.3 percent, to 4,623. The Dow Jones industrial average bucked the trend, rising 17 points, or 0.1 percent, to 17,383.

Energy stocks fell 2 percent, the most of the 10 industries in the S&P 500 index. Oilfield services companies were especially hard hit. Halliburton slumped 5 percent.

Priceline dropped 8 percent after the company said the weak economic backdrop in Europe would hurt its earnings.

U.S. crude oil fell $1.59, or 2 percent, to $77.19 a barrel in New York, the lowest price in three years.