Slumping Energy Sector Pulls Stocks Lower

Crude oil prices experienced sharp drop
By Newser Editors and Wire Services
Posted Nov 14, 2017 3:20 PM CST
Slumping Energy Sector Pulls Stocks Lower
Traders work with specialist Anthony Matesic, second from left, on the floor of the New York Stock Exchange, Tuesday, Nov. 14, 2017.   (AP Photo/Richard Drew)

Slumping energy stocks pulled the broader market slightly lower Tuesday, erasing small gains from the day before, the AP reports. A sharp drop in crude oil prices Tuesday weighed down the energy sector. Range Resources dropped 6.6% and Newfield Exploration gave up 7.1%. Disappointing results or outlooks from retailers and other companies also weighed on the market. Utilities and consumer goods companies rose. TJX Companies, the parent company of TJ Maxx and Marshalls, slumped 4% after reporting revenue and earnings that missed analysts' estimates.

The Standard & Poor's 500 index fell 5 points, or 0.2%, to 2,578. The Dow Jones industrial average lost 30 points, or 0.1%, to 23,409. The Nasdaq composite index fell 19 points, or 0.3%, to 6,737.

(More stock market stories.)

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