US STOCKS-Wall St drops on global demand concerns
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By Chuck Mikolajczak
NEW YORK, Dec 9 (Reuters) - U.S. stocks were sharply lower 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.
Brent crude touched a fresh five-year low of $65.29 on Tuesday and was last down 0.3 percent to $65.97. 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."
Political unrest in Greece also brought about investor nervousness after the government brought a presidential vote forward in a political gamble that raised uncertainty over the country's transition out of its bailout. Continuación...