Stocks lower as oil craters amid global worries
US stocks drop as oil continues to decline
Lipow Oil Associates President Andy Lipow and Moody’s chief economist John Lonski discuss the recent slide in oil prices.
Stocks fell across the board Friday with 8 of the 10 S&P sectors down led by technology and consumer discretionary names. The Dow Jones Industrial Average slid over 201 points, the Nasdaq Composite 123.98 points and the S&P 500 25.69.
With WTI oil moving into a deeper bear market, trading below the $60 per barrel level, investors questioned the outlook for global growth. Concerns emerged Friday even though the Federal Reserve delivered an upbeat assessment of the U.S. economy at the conclusion of the November policy meeting, while indicating a December rate is on track. Mortgage rates rose to an 8-year high sending a cloud over the U.S. housing market.
Economic data released Friday included producer prices.The producer-price index for October rose 0.6%, above the 0.2% economists were expecting, suggesting the price of goods in the U.S. heated up during the month.
In company news, General Electric’s shares fell to the $8 level after analysts at JPMorgan Chase cut their price target on the company to $6 from $10, while shares of Walt Disney climbed in the aftermath of the company’s better-than-expected earnings report.
FOX Business' Ken Martin contributed to this report.