Thursday, 10 December 2015

Wall Street falls alongside oil on global growth concerns

US stocks closed lower on Wednesday in a choppy session as oil resumed its decline, fuelling investor worries about global economic growth and causing the S&P 500 index to track the move in the commodity. 

After a morning rally for both oil and stocks, the three major U.S. stock indexes fell as oil reversed course and investors also prepared for a Federal Reserve meeting next week that is expected to result in an interest rate hike. 

"Often times investors will look at the commodity complex as a barometer for the global economy. Couple that with the fact that we broke support in the S&P 500," said Art Hogan, chief market strategist at Wunderlich Securities in New York, citing selling after the S&P hit the 2050 level.

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