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1st LD Writethru: U.S. stocks extend losses as oil continues fall

Xinhua, January 13, 2015 Adjust font size:

U.S. stocks retreated further on sinking crude prices Monday, as a new corporate earnings season is unfolding.

The Dow Jones Industrial Average dipped 96.53 points, or 0.54 percent, to 17,640.84. The S&P 500 went down 16.55 points, or 0.81 percent, to 2,028.26. The Nasdaq Composite Index decreased 39.36 points, or 0.84 percent, to 4,664.71.

Falling oil prices continued to pressure U.S. stocks. Goldman Sachs analysts on Monday substantially slashed their oil price forecasts, with the three-month price forecast for Brent cut to 42 dollars a barrel from 80 dollars and the 2015 forecast for Brent down to 50.40 dollars a barrel from 83.75 dollars.

Oil prices tumbled after the forecast. Light, sweet crude for February delivery lost 2.29 U.S. dollars to settle at 46.07 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 2.68 dollars to close at 47. 43 dollars a barrel.

In response, the energy sector, the biggest laggard among the S& P 500's 10 sectors, suffered a big loss of a 2.80-percent decline Monday.

Aluminum giant Alcoa Inc. will release results for its fourth quarter of last year after Monday's closing bell, which will unofficially kick off the earnings season. Shares of Alcoa were slightly up 0.37 percent to 16.17 dollars apiece after trading in a tight range.

Some major U.S. banks, including J.P. Morgan Chase & Co, Wells Fargo & Co. and Citigroup Inc., will also release their quarterly results this week.

According to Thomson Reuters, the fourth-quarter earnings are expected to grow 4.0 percent year on year, and 22 S&P 500 companies are due to report quarterly results this week.

Overseas, European shares closed higher amid growing speculation on further stimulus from the European Central Bank. Asian stocks ended mixed with Chinese Shanghai Composite Index slipping 1.71 percent on the pressure of 22 new share offerings this week.

On Friday, the three U.S. benchmarks pulled back following two sessions' sharp gains to cap a volatile trading week lower, as investors were assessing the December nonfarm payroll report. Endite