Major U.S. stock-indexes started the week in the red as energy and raw material stocks took a hit, with oil prices falling to their lowest in nearly seven years.
Brent crude prices dropped to $41.14 and U.S. WTI fell to $38.00 a barrel, after OPEC's meeting ended last week without a reference to its output ceiling. The impact of the fall in oil prices offset some of Friday's gains that were triggered by a strong jobs report. The solid November employment report showed that the economy was strong enough to absorb an interest rate hike, which is widely expected to be raised when the Federal Reserve meets on Dec 15-16.
Most of Dow stocks in negative area (24 of 30). Top looser - Chevron Corporation (CVX, -3.87%). Top gainer - Wal-Mart Stores Inc. (WMT. 1.20%).
All S&P index sectors in negative area. Top looser - Basic Materials (-4.4%).
At the moment:
Dow 17695.00 -124.00 -0.70%
S&P 500 2072.75 -15.75 -0.75%
Nasdaq 100 4691.25 -22.00 -0.47%
Oil 38.04 -1.93 -4.83%
Gold 1075.70 -8.40 -0.77%
U.S. 10yr 2.21 -0.06