Slumping Crude Oil Prices Drive Energy Shares Even Lower
New York (AP) -- Stocks are down sharply as another tumble in oil prices undermines the case for an economic recovery.
Major stock market indexes skidded about 2 percent in light trading volume Tuesday as crude dropped for the fifth straight day. The drop in oil signals investors think demand for energy and basic materials will remain soft as the economy struggles.
Investors are cautious ahead of second-quarter earnings season, which begins Wednesday with aluminum maker Alcoa Inc.
The Dow Jones industrial average is down 162 at 8,163. The S&P 500 index is down 18 at 881. The Nasdaq composite index is down 41 at 1,746.
About four stocks fell for every one that rose on the New York Stock Exchange, where volume came to 1.1 billion shares.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Health Care Reform Debate 11/21
Michigan Senator Debbie Stabenow addresses the floor on the first vote that will take place for the health reform bill.
Health Care Debate 11/21
Michigan Senator Carl Levin addresses the Senate prior to a vote on the health care reform bill.
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