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Energy stocks weigh on Wall Street | Energy stocks weigh on Wall Street |
(about 7 hours later) | |
(Close): US stocks ended their worst week of 2014, as plummeting oil prices continued to weigh on energy stocks. | |
The Dow Jones fell 315.51 points, or 1.79%, to finish at 17,280.83, while the S&P 500 dropped 33 points, or 1.62%, to close 2,002.33. | |
It was the worst week of 2014 for both indexes. | |
The tech-heavy Nasdaq index shed 54.57 points, or 1.16%, to end the week at 4,653.60 | |
Energy shares were hit hard as oil prices fell to fresh five-year lows, with Brent crude falling below $63 a barrel and US crude settling below $58 a barrel for the first time since May 2009. | |
The latest fall in the oil price was triggered by a report from the International Energy Agency, which cut its forecast for oil demand growth next year. | The latest fall in the oil price was triggered by a report from the International Energy Agency, which cut its forecast for oil demand growth next year. |
Among energy stocks, Chevron dropped 2.41% and Murphy Oil shares fell 1.62%. | |
Investors' confidence was also hit by economic data from China, which showed industrial production grew by less than expected in November. | Investors' confidence was also hit by economic data from China, which showed industrial production grew by less than expected in November. |
However, shares in Adobe Systems were on the front foot, rising 9% after its fourth quarter results beat expectations. It reported net income of $73.3m, up from $65.3m a year earlier. | |
Adobe also announced it was buying stock photography company Fotolia for $800m. | Adobe also announced it was buying stock photography company Fotolia for $800m. |
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