Stocks Flat; Oil Falls $3.90

Energy concerns take a hit as crude plunges
By Nick McMaster,  Newser Staff
Posted Nov 3, 2008 3:37 PM CST
Specialists work in their booth on the floor of New York Stock Exchange in this undated file photo.   (AP Photo/Richard Drew)
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(Newser) – Stocks held steady today, with the indices ending the session only a few points removed from their opening marks, MarketWatch reports, with General Motors and Ford reporting mammoth October sales drops, and crude plunging $3.90 to $64.25. The Dow fell 5.18 to 9,319.83. The Nasdaq gained 5.38, closing at 1,726.33, and the S&P 500 lost 2.45 to settle at 966.30.

The steep fall in oil prices sent energy shares down, with Weatherford International down 11.02% and Halliburton down 7.28%. The Institute for Supply Management’s index of US manufacturing activity fell to 38.9% this month, from 43.5%, a bigger drop than forecast. Many traders had their eyes on the election—and on a federal jobs report due Friday, the Wall Street Journal adds.