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U.S. stocks tick down after Christmas Day

Xinhua, December 29, 2015 Adjust font size:

U.S. stocks traded lower in the morning session on Monday as a renewed decline in oil prices weighed on Wall Street.

By midday, the Dow Jones Industrial Average decreased 73.79 points, or 0.42 percent, to 17,478.38. The S&P 500 dipped 10.65 points, or 0.52 percent, to 2,050.34. The Nasdaq Composite Index fell 29.08 points, or 0.58 percent, to 5,019.41.

Oil prices tumbled around midday on Monday after last weeks' strong rebound, as excess supply dampened market sentiment.

As it will take years to wash out the whole supply in oil market and reach the balance point where supply meets demand, many analysts do not expect a quick recovery in oil prices.

There are no major economic reports or corporate earnings due out Monday.

The U.S. stock markets were closed on Friday for Christmas Day and ended narrowly mixed amid light trading volumes on Thursday, a shortened trading day for Christmas eve.

Last week, all three major indices posted solid gains, with the Dow, the S&P 500 and the Nasdaq jumping 2.5 percent, 2.8 percent and 2.5 percent, respectively.

Overseas, Chinese shares plunged on Monday, with the benchmark Shanghai Composite Index tumbling 2.59 percent, as China's B-share market lost nearly 8 percent. Endit