Dow Caps Off Brutal Week With 315-Point Drop (Oil Finishes at $57.81) [View all]
Source: USA Today
Stocks plunged again Friday with Wall Street capping off one of its worst weeks of the year as tumbling oil prices spooked markets. It was Wall Street's first losing week after seven straight weeks of gains. The Dow Jones industrial average fell 315.51 points, or 1.8%, to 17,280.83. The blue-chip index fell 678 points, or 3.8%, this week, its worst week since Sept. 2011.
The Standard & Poor's 500 index tumbled 32 points, or 1.6%, to 2002.33 and closed off the week down 3.5%, its lowest since Oct. 30 and its worst week since May 2012. The Nasdaq composite index dropped 54.57 points, or 1.2%, to 4653.40 and was down about 2.7% for the week. Falling oil prices weighed on the stock market again. Oil slumped after the International Energy Agency said global oil demand in 2015 will grow less than previously forecast.
U.S. benchmark oil slipped $2.14, or 3.6%, to $57.81 a barrel. Oil was down 12.6% for the week. Energy stocks in the S&P 500 index fell 1.4%, taking their loss for the year to 15.9%.
"The move, especially this week, has been entirely related to oil" said James Liu, global market strategist for J.P. Morgan Funds. "In the fourth quarter you're going to see a lot of pain from the energy sector."
Read more: http://www.usatoday.com/story/money/markets/2014/12/12/stocks-friday/20295995/
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