U.S. Stock Rebound Fades as Energy Shares Drop With Oil
Forex Trading Floors, Brentwood brings todays news on the U.S. Stock situation from Bloomberg.
A rebound in U.S. stocks faded late in the session as energy shares slid with the price of oil, snuffing out most of an earlier rally in benchmark indexes led by industrial companies, airlines and banks.
The Standard & Poor’s 500 Index ended the session up less than 0.2 percent at 1,877.70 at 4 p.m. in New York after earlier climbing as much as 1.3 percent. The measure is down 6.6 percent from its record on Sept. 18 and yesterday capped its worst three-day retreat since 2011. The Dow Jones Industrial Average lost 5.88 points, or less than 0.1 percent, to 16,315.19 today, wiping out a 143 point earlier gain.
“The last hour has come down to ‘do you want to hold stocks overnight or not?’” Ryan Detrick, a Cincinnati-based strategist at investment research firm See It Market, said by phone. “There’s a lot of skittishness and concerns out there with headlines on a global slowdown, a recession in Europe, a slowdown in Asia and Ebola.”
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