US STOCKS-Energy shares plummet in quiet session, retailers up

viernes 28 de noviembre de 2014 12:37 GYT
 

* Oil falls 6 percent, Exxon Mobile tumbles

* Airline shares rally on drop in crude prices

* Indexes could notch sixth straight weekly advance

* Dow up 0.2 pct, S&P 500 down 0.2 pct, Nasdaq up 0.1 pct (Updates to mid-morning trading)

By Ryan Vlastelica

NEW YORK, Nov 28 (Reuters) - U.S. energy shares saw heavy pressure on Friday as crude oil tumbled to a multi-year low, though consumer stocks lifted broader indexes in a quiet, holiday-shortened session.

The market's recent upward bias continued despite the energy weakness, and major indexes are on track for their sixth straight weekly advance. However, there was heavy volatility in areas connected to the price of oil. Crude plunged 6.5 percent to $69.38 per barrel a day after OPEC decided not to cut output, which could leave markets oversupplied.

The decline was the biggest one-day drop since May 2011, with prices lowest since 2010.

"Crude seems to have no floor right now, and we could easily see the price drop into the low $60s," said Tony Roth, chief investment officer at Wilmington Trust in Wilmington, Delaware.   Continuación...