US STOCKS-Wall St to slide at open on global demand concerns
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By Chuck Mikolajczak
NEW YORK, Dec 9 (Reuters) - U.S. stocks were poised for a sharply lower open on Tuesday, on concerns about the impact of lower oil prices on the global economy and the effect of political turmoil in Greece on the euro zone.
The Shanghai Composite Index dropped more than 5 percent, its biggest drop in more than five years, also weighing on investor sentiment.
Brent crude touched a fresh five-year low on Tuesday before rebounding near $67 a barrel on hopes prices may be bottoming. Oil prices have been under pressure as the dollar has strengthened and OPEC decided against an output cut.
"It's oil, oil and more oil, and all eyes are on oil here because, even though it certainly does support the economic momentum driven by the consumer, it certainly does detract from the cyclical sectors of the market," said Anastasia Amoroso, Global Market Strategist at J.P. Morgan Funds in New York.
"Until we see stabilization in the price of oil, it's difficult to see a stabilization in the price of energy shares, so that will continue to weigh on the market." Continuación...