US STOCKS-Wall St dips as lower oil price knocks energy stocks

lunes 27 de octubre de 2014 11:47 GYT
 

* Indexes off: Dow 0.1 pct, S&P 0.3 pct, Nasdaq 0.2 pct (Updates prices)

By Rodrigo Campos

NEW YORK Oct 27 (Reuters) - Energy shares dragged Wall Street slightly lower on Monday as crude prices fell further, while U.S. and German data weighed.

Brent crude oil fell below $85 a barrel and U.S. crude dipped below $80 after Goldman Sachs slashed its price forecasts, citing abundant supply and lackluster demand. The S&P 500 energy sector was down 2.6 percent, the largest decline among the top ten industry groups.

The fall in crude "is probably good for consumers but there are a number of energy stocks on the S&P 500 getting hit on concern about their earnings," said Bruce Zaro, chief technical strategist at Bolton Global Asset Management in Boston.

He said, however, the decline is "net positive" as it frees cash from consumers.

At 11:39 a.m. (1539 GMT) the Dow Jones industrial average fell 14.38 points, or 0.09 percent, to 16,791.03, the S&P 500 lost 5.71 points, or 0.29 percent, to 1,958.87 and the Nasdaq Composite dropped 8.63 points, or 0.19 percent, to 4,475.09.

The largest percentage gainer on the S&P 500 and the Nasdaq 100 was Micron, which rose 3.4 percent after it announced a $1 billion stock buyback authorization.

The largest decliner on the S&P 500 was Newfield Exploration , down 6.4 percent, and on the Nasdaq 100 it was Liberty Interactive Corp, down 2.2 percent.   Continuación...