US STOCKS-Indexes drop more than 1 pct; energy shares resume slide

miércoles 10 de diciembre de 2014 15:49 GYT
 

* Brent crude hits lowest level since July 2009

* Airline shares up; boosted by lower oil prices

* Indexes off: Dow 1 pct, S&P 0.9 pct, Nasdaq 0.7 pct (Updates to late afternoon)

By Caroline Valetkevitch

NEW YORK, Dec 10 (Reuters) - U.S. stocks extended their declines on Wednesday afternoon, with all three major indexes down more than 1 percent each as the energy sector resumed its recent slide along with oil prices.

Selling picked up in early afternoon, with declining issues outnumbering advancing ones on the NYSE by 2,450 to 613, for a 4.00-to-1 ratio. The number of NYSE stocks making new 52-week lows was 241, compared with just 111 making new highs.

The S&P energy index was down 3.3 percent and led declines on the S&P 500, but all 10 S&P sector were down on the day, with most falling more than 1 percent. The S&P materials sector was down 2.1 percent.

Energy was on track for its fourth drop in five sessions. Brent crude touched a new five-year low of $63.56 on signs of oversupply and soft demand. Exxon Mobil , down 3.3 percent, led declines on the S&P 500.

Falling oil prices have raised concerns about earnings for energy companies, with year-end tax selling putting additional pressure on the group. The sector, down more than 15 percent for the year so far, is the worst performing of the 10 major S&P sectors for the year.   Continuación...