U.S. stocks retreat amid falling oil, mixed data
Xinhua, February 24, 2016 Adjust font size:
U.S. stocks pulled back in the morning session Tuesday, as Wall Street digested mixed economic reports amid declining oil prices.
By midday, the Dow Jones Industrial Average fell 159.98 points, or 0.96 percent, to 16,460.68. The S&P 500 lost 18.71 points, or 0.96 percent, to 1,926.79. The Nasdaq Composite Index was down 49.84 points, or 1.09 percent, to 4,520.77.
The volatility in oil prices has dominated market sentiment recently. Oil prices fell about 4 percent around Tuesday after the previous day's solid gains, amid doubts a potential production freeze will have any impact on a supply glut.
On Monday, oil prices soared, with U.S. oil surging over 6 percent, as the International Energy Agency said U.S. shale oil production was expected to fall by 600,000 barrels per day (bpd) this year and another 200,000 bpd in 2017.
On the economic front, U.S. existing-home sales crept forward in January to the highest annual rate in six months, according to the National Association of Realtors Tuesday
Total existing-home sales rose 0.4 percent from a downwardly revised 5.45 million in December to a seasonally adjusted annual rate of 5.47 million in January, beating market consensus of 5.32 million.
U.S. consumer confidence came out weaker than expected. The Conference Board Consumer Confidence Index stands at 92.2 in February, down from 97.8 in January.
On Monday, U.S. stocks posted solid gains as a strong rebound in oil prices boosted Wall Street sentiment. Endit