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U.S. stocks drift lower as oil retreats

Xinhua, March 24, 2016 Adjust font size:

U.S. stocks extended early losses in the morning session Wednesday, as a renewed decline in oil prices weighed on Wall Street.

At midday, the Dow Jones Industrial Average fell 53.08 points, or 0.30 percent, to 17,529.49. The S&P 500 lost 9.02 points, or 0.44 percent, to 2,040.78. The Nasdaq Composite Index dipped 37.58 points, or 0.78 percent, to 4,784.08.

Oil prices tumbled after figures from an industry group showed U.S. crude stockpiles rose last week by more than expected, with U.S. oil trading slightly above 40 U.S. dollars a barrel around midday.

On the economic front, U.S. sales of new single-family houses in February 2016 were at a seasonally adjusted annual rate of 512,000, roughly on par with market consensus, according to the Commerce Department Wednesday.

This is 2.0 percent above the revised January rate of 502,000, but is 6.1 percent below the February 2015 estimate of 545,000.

In corporate news, shares of Nike Inc. dropped about 4 percent around midday Wednesday after the company delivered quarterly earnings that slightly beat market estimates but revenues short of forecast.

After Tuesday's closing bell, the athletic footwear and apparel maker reported diluted earnings per share of 0.55 dollars for its fiscal 2016 third quarter, on revenue of 8 billion dollars.

Meanwhile, investors were still assessing the impacts of Tuesday's explosions in Brussels, Belgium, that left at least 34 people dead and scores wounded. Endit