US STOCKS-Energy shares extend recent decline
By Ryan Vlastelica
NEW YORK Oct 9 (Reuters) - Energy shares were once against the biggest losers of the day in morning trading on Thursday, continuing a recent trend of weakness amid falling oil prices.
The S&P energy index fell 1.5 percent and was the biggest decliner among the ten primary S&P 500 sectors. It has fallen almost 14 percent from a record high in late June, putting the sector well within correction territory, defined as a 10 percent decline from a peak.
Including Thursday's move, the index has posted declines of more than 1 percent on ten occasions since the start of September.
Crude oil fell 0.9 percent to $86.55 per barrel, dropping to its lowest level since April 2013. From a closing high in September 2013, oil is down more than 21 percent, putting the commodity into bear market territory. Oil was pressured by a supply glut and concerns over global economic growth.
The Philadelphia SE Oil Service sector fell 2.6 percent. Among specific companies, Halliburton Co fell 2.9 percent to $58.66 while Newfield Exploration Co lost 4.1 percent to $32.44. Exxon Mobil lost 1.2 percent to $93.49 and Chevron Corp was down 1.6 percent to $116.08.
Index snapshot at 10:12 EDT:
* S&P 500 fell 12.22 points, or 0.62 percent.
* Nasdaq Comp lost 32.93 points, or 0.74 percent. Continuación...