Off the wire
• Neymar named La Liga player of the month for November  • Verdict on Bangladesh party chief's death sentence on Jan. 6  • Feature: Shocking photos trigger Chinese animal rights outcry  • BASIC countries call for equitable Paris climate agreement  • Interview: Egypt chess master hopes for more popularity for "the game of kings"  • Urgent: Taliban storms airport in southern Afghan city of Kandahar  • EU agrees on first EU-wide cybersecurity rules  • 30 sentenced for running casinos in south China  • Women, the elderly and youngsters active on mobile purchases: report  • 1st Ld-Writethru: Polluters continue operations despite smog  
You are here: 　 Home

U.S. stocks extend losses as oil prices keep falling

Xinhua, December 9, 2015 Adjust font size:

U.S. stocks traded mostly lower in the morning session Tuesday after a sharp decline in oil prices, as weak commodities prices continued to weigh on Wall Street.

By noon, the Dow Jones Industrial Average shed 166.32 points, or 0.94 percent, to 17,564.19. The S&P 500 lost 14.40 points, or 0.69 percent, to 2,062.67. The Nasdaq Composite Index was down 13.31 points, or 0.26 percent, to 5,088.51.

The West Texas Intermediate for January delivery shed about 2 percent in the early trading Tuesday, while Brent crude for January delivery dropped more than 2 percent.

Oil prices closed near seven-year lows Monday after the Organization of the Petroleum Exporting Countries (OPEC) on Friday decided to keep crude production pumping at the current level in an already oversupplied market.

"Crude oil fell to a new 7-year low yesterday, proving once again 'temporary' and 'transitory' can take longer to play out than anyone anticipates," said Chris Low, chief economist at FTN Financial Tuesday.

In Asia markets, Tokyo shares on Tuesday ended trading lower as concerns over plunging oil prices in the global market shadowed the buoyant sentiment brought by positively revised Japan's July-September gross domestic product data.

China's stocks also closed lower Tuesday, with the benchmark Shanghai Composite Index going down 1.89 percent to close at 3,470.07 points.

U.S. stocks fell Monday after Friday's big rally, dragged down by a sharp decline in energy as oil prices hit a near-seven-year low. Endit