US STOCKS-Wall St extends losses as oil slides further

martes 23 de febrero de 2016 11:41 GYT
 

* Crude, metal prices fall

* Saudi oil minister says has not "declared war" on rivals

* Indexes down: Dow 0.60 pct, S&P 0.70 pct, Nasdaq 0.83 pct (Adds details, changes comment)

By Abhiram Nandakumar

Feb 23 (Reuters) - Wall Street slipped on Tuesday, in tandem with a renewed slide in oil prices, as yet another rally failed to take off in what has been a turbulent year so far for markets.

Saudi Oil Minister Ali Al-Naimi told global energy executives on Tuesday that the kingdom had not "declared war" on rival producers, and welcomed the rise of nimble U.S. shale oil firms who will help quickly meet growing global demand.

U.S. crude was down more than 3 percent after Al-Naimi restated Saudi Arabia's rationale for maintaining output in the face of a global glut.

The S&P financial sector has been the worst performer among the 10 major sectors this year as banks brace for a wave of potential defaults by energy companies.

JP Morgan said on Tuesday it would set aside an additional $500 million to cover losses stemming from the energy sector. Its shares were down 3.6 percent at $56.49.   Continuación...