U.S. stocks retreated,
following equities’ biggest one-day gain in three months, as oil prices
extended their declines to weigh on energy and raw-material companies.
Chevron Corp. and
Exxon Mobil Corp. fell more than 2.9 percent as energy producers in the
Standard & Poor’s 500 Index slumped for a fourth day. Chipotle
Mexican Grill Inc. fell 2.8 percent after rescinding its 2016 forecast
in the wake of an E. coli outbreak. Keurig Green Mountain Inc. surged 73
percent after agreeing to be acquired by a JAB Holding Co.-led investor
group for about $13.9 billion in cash.
The S&P 500 fell
0.9 percent to 2,073.12 at 12:09 p.m. in New York, after jumping 2.1
percent on Friday. The Dow Jones Industrial Average lost 153.46 points,
or 0.9 percent, to 17,694.17. The Nasdaq Composite Index declined 0.8
percent.
Crude prices extended
losses after falling 2.7 percent Friday amid speculation a record global
glut will be prolonged as the Organization of Petroleum Exporting
Countries effectively abandoned its long-time strategy of limiting
production to control prices. West Texas Intermediate futures fell 4.8
percent Monday to $38.07.
Oil’s plunge of more
than 40 percent in the past year has hampered recoveries in the U.S. and
Europe as capital spending has waned and inflation has remained below
central-bank targets.
Source : Bloomberg
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