MARKET SNAPSHOT: U.S. Stocks Fall, Tracking Drop In Oil Prices As Yellen Speech Looms
March 29 2016 - 10:06AM
Dow Jones News
By Ellie Ismailidou and Victor Reklaitis, MarketWatch
Dow drops 100 points; energy shares tumble 1.5%
U.S. stocks opened lower on Tuesday, as a slump in oil prices
hit energy and materials companies and weighed on the main
benchmarks ahead of a key speech by Federal Reserve Chairwoman
Janet Yellen.
A stronger-than-expected reading on U.S. home prices lifted home
builders, such as Lennar Corp. (LEN)
The S&P 500 opened 9 points, or 0.4%, lower at 2,028, led by
sharp losses in energy shares, which were down 1.4% as oil futures
tumbled nearly 3%.
The Dow Jones Industrial Average fell 100 points, or 0.6%, to
17,436, led by a 6.7% drop in mining company Freeport-McMoRan
Inc.(FCX). Meanwhile, the Nasdaq Composite began the day down 15
points, or 0.3%, at 4,750.
On the U.S. economic front, the S&P/Case-Shiller 20-city
index showed house prices rose 5.7% compared with a year ago
(http://www.marketwatch.com/story/city-by-city-how-house-prices-fared-in-january-2016-03-29)in
January. Prices nationally are at their winter 2007 levels, and
remain about 12% lower than their summer 2006 peaks.
On Monday, the S&P 500 closed less than 0.1% higher
(http://www.marketwatch.com/story/us-stocks-look-to-rebuild-after-snapping-five-week-win-streak-2016-03-28),
while the Dow gained a little more than 0.1%, or 19.66 points.
(END) Dow Jones Newswires
March 29, 2016 09:51 ET (13:51 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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