US STOCKS-Energy drags Wall St lower; S&P set to drop for third week

viernes 13 de marzo de 2015 11:22 GYT

* S&P poised for third straight weekly decline

* FXCM jumps on results, Aeropostale down on outlook

* Indexes down: Dow 1.1 pct, S&P 0.9 pct, Nasdaq 0.7 pct (Updates to mid-morning trading)

By Ryan Vlastelica

NEW YORK, March 13 (Reuters) - U.S. stocks slumped on Friday, putting the S&P 500 on track for its third straight weekly decline, as a robust dollar threatened to erode the profits of multinationals and tumbling crude oil prices pressured energy shares.

Crude oil fell 4 percent to $45.15 a barrel, extending its losses throughout the morning, after the International Energy Agency said a global oil glut continued to build and U.S. oil production showed no signs of slowing. The commodity has fallen in six of the past seven sessions and is down almost 60 percent from a peak reached in June.

The S&P energy index fell 1.4 percent, among the biggest decliners of the 10 primary S&P 500 sectors. Chevron Corp fell 1.4 percent to $101.03 while Noble Corp sank 5.3 percent to $13.46.

"It's a bit of a surprise that the U.S. continues to produce at such a high level, and that amount of oil surplus continues to push the commodity lower," said Michael Arone, chief investment strategist for State Street Global Advisors' U.S. Intermediary Business in Boston.

"I don't expect oil will go much lower, but as it keeps falling, there are bigger concerns that we could see problems with respect to capital expenditures and employment in certain regions of the country."   Continuación...