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Stocks Fall as Oil Prices Spike

Dow ends day down 142, breaking an 8-day win streak
By Newser Editors and Wire Services
Posted Sep 16, 2019 3:04 PM CDT
Gordon Charlop, center, and Christian Bader work at the New York Stock Exchange, Monday, Sept. 16, 2019. Global stock markets sank Monday after crude prices surged following an attack on Saudi Arabia's...   (AP Photo/Mark Lennihan)

(Newser) – Stocks are closing lower Monday as a spike in oil prices raises fresh worries about the strength of the global economy, the AP reports. The US and international benchmarks for crude oil each rose more than 14% after a weekend attack on oil facilities in Saudi Arabia. Shares of oil producers jumped, with Marathon Oil gaining 11.5%. Companies in fuel-dependent industries fell. American Airlines dropped 7.3% and Carnival Corp. slipped 3.2%. The Dow Jones industrials fell 142 points, or 0.5%, to 27,076, breaking an eight-day win streak. The S&P 500 slid 9 points, or 0.3%, to 2,997. The Nasdaq fell 23 points, or 0.3%, to 8,153. Bonds rose after a recent sell-off. The yield on the 10-year Treasury dropped to 1.84% from 1.90% Friday. That hurt bank stocks—Goldman Sachs dropped 1.2%. (Read more stock market stories.)

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