Oil Prices Hit Highest Level Since 2014

Energy stocks rose as tech stocks dropped
By Newser Editors and Wire Services
Posted Oct 4, 2021 4:16 PM CDT
Oil Prices Hit Highest Level Since 2014
The sun sets behind an idle pump jack near Karnes City, Texas.   (AP Photo/Eric Gay, File)

(Newser) – Technology companies led a broad slide for stocks Monday, as the market lost more ground following its worst week since winter. The selling came amid more signs of rising inflation for the US economy. The price of oil hit a seven-year high as OPEC and allied oil producers stuck with a plan to cautiously raise production even as global demand for crude oil increases. US crude oil prices rose 2.3%, topping $77 per barrel for the first time since 2014. The S&P 500 fell 56.58 points, or 1.3%, to 4,300.46. The Dow Jones Industrial Average fell 323.54 points, or 0.9%, to 34,002.92. The Nasdaq fell 311.21 points, or 2.1%, to 14,255.48. The Russell 2000 index of smaller companies fell 24.16 points, or 1.1%, to 2,217.47.

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Natural gas prices jumped 2.6% and energy companies rose along with energy prices, the AP reports. Devon Energy rose 5.3% for the biggest gain in the S&P 500. Marathon Oil climbed 4.1%. Tesla rose 0.8% after the electric vehicle maker reported surprisingly good third-quarter deliveries. The yield on the 10-year Treasury note rose to 1.49% from 1.47% Friday.

The recent jump in Treasury yields has contributed to weakness in technology stocks. Apple fell 2.5% and Microsoft dropped 2.1%. Big communication companies also fell. Facebook slid 4.9% a day after a former employee told 60 Minutes that the company has consistently chosen its own interests over the public good. The social network and its Instagram and WhatsApp platforms also suffered a worldwide outage that began around midmorning on Monday. (Read more stock market stories.)

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