U.S. stocks retreated
as tumbling oil prices weighed on energy and raw-material companies,
sparking a selloff after equities posted their biggest one-day gain in
three months.
The S&P 500 fell
0.7 percent to 2,077.15 at 4 p.m. in New York, trimming an earlier drop
of as much as 1.2 percent, after jumping 2.1 percent on Friday.
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 5.8
percent Monday to $37.65 a barrel, the lowest close since February 2009.
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.
U.S. stocks are coming
off their most volatile week since the summer as investors were faced
with releases from the Labor Department, the European Central Bank and
speeches by Federal Reserve Chair Janet Yellen. The S&P 500’s rally
on Friday left it little changed for a second straight week after a
report showed U.S. employers added more jobs than forecast in November,
increasing speculation that the economy is strong enough to withstand
higher borrowing costs -- something that Yellen has signaled.
Source : Bloomberg
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