X

S&P 500 in 'Correction' for 2nd Time This Year

And the Dow loses 178
By Newser Editors and Wire Services
Posted Nov 23, 2018 3:14 PM CST

(Newser) – US stocks closed lower after a shortened session Friday, bumping the benchmark S&P 500 index into a correction, or drop of 10% below its most recent all-time high in September. Energy companies led the market slide as the price of US crude oil tumbled to its lowest level in more than a year, reflecting worries among traders that a slowing global economy could hurt demand for oil, per the AP. The S&P 500 index fell 17.37 points, or 0.7%, to 2,632.56. The index is now down 10.2% from its last all-time high set Sept. 20. The last time the index entered a correction was in February. The Dow Jones Industrial Average lost 178.74 points, or 0.7%, to 24,285.95. The Nasdaq composite dropped 33.27 points, or 0.5%, to 6,938.98.

Crude oil prices fell for the seventh straight week on worries that a slowing global economy could hurt demand even as oil production has been increasing. The benchmark US crude contract slid 7.7% to settle at $50.42 per barrel in New York. That is the lowest since October 2017. Brent crude, the international standard, lost 6.1% to close at $58.80 per barrel in London. Saudi Arabia and other OPEC members have recently signaled a willingness to consider production cuts at the oil cartel's meeting next month. The US has been increasing pressure on Saudi Arabia and OPEC to not cut production, however, a move that could push prices down further.

(Read more stock market stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.