Thursday, 31 December 2015

Oil Bogs Down Wall St as S&P 500 clings to Gain for 2015

Wall Street dropped on Wednesday as Brent crude slid towards 11-year lows and Apple weighed on the S&P 500 index, which clung to a meagre gain for 2015. 

The S&P energy sector was the poorest performer among the 10 major sectors, down 1.47 percent after forecasts of a short winter in North America and Europe piled pressure on the oversupplied commodity.

 Shares of Exxon lost 1.33 percent while Chevron dipped 1.27 percent. Apple was the heaviest drag on the S&P 500 and Nasdaq Composite, falling 1.31 percent. 

Fears of potentially soft iPhone sales have helped push that stock down 9 percent in the past month.

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