Markets Right Now: Energy stocks pull US market lower

AP News
|
Posted: Sep 13, 2016 11:51 AM

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

11:45 a.m.

Oil and gas companies are pulling the stock market lower as energy prices sink.

The price of crude oil dropped 3 percent Tuesday after the International Energy Agency cut its forecast for global demand growth.

Energy companies led the market lower with hefty losses. Murphy Oil gave up 9 percent and Transocean fell 8 percent.

The Dow Jones industrial average was down 253 points, or 1.4 percent, to 18,072.

The Standard & Poor's 500 index declined 33 points, or 1.6 percent, to 2,125. The Nasdaq composite dropped 70 points, or 1.4 percent, to 5,142.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.71 percent.

___

9:35 a.m.

Oil and gas stocks are leading an early decline on Wall Street as energy prices turn lower.

Crude oil prices fell in early trading Tuesday after the International Energy Agency cut its forecast for global demand growth for this year.

U.S. benchmark crude fell almost 2 percent to $45.42 a barrel. Energy companies followed suit. Marathon Oil lost 4 percent and Murphy Oil also fell 4 percent.

The Dow Jones industrial average was down 153 points, or 0.9 percent, to 18,169.

The Standard & Poor's 500 index declined 19 points, or 0.9 percent, to 2,140. The Nasdaq composite dropped 28 points, or 0.5 percent, to 5,184.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.66 percent.