Markets Right Now: Stocks fall as oil prices spike
Posted September 16, 2019 6:42 am.
NEW YORK — The latest on developments in financial markets (all times local):
9:40 a.m.
Stocks are lower early Monday as oil prices spike following a weekend attack on major oil facilities in Saudi Arabia.
The U.S. and international benchmarks for crude oil each rose around 10%. Shares of oil producers rose sharply, with ConocoPhillips gaining 6.5%.
Companies in fuel-dependent industries fell. American Airlines dropped 4.5% and Royal Caribbean Cruises slipped 2.7%.
The Dow Jones Industrial Average fell 88 points, or 0.3%, to 27,130. The index has risen for eight consecutive days.
The S&P 500 is down 8 points, or 0.3%, to 2,999. The Nasdaq fell 38 points, or 0.5%, to 8,137.
Bonds rose after a recent sell-off. The yield on the 10-year Treasury dropped to 1.86% from 1.90% Friday. That hurt bank stocks, with Citigroup dropping 1.2%.
The Associated Press