Stocks Closed Lower, Oil Jumped for Third Day

U.S. stocks closed lower on Monday, with investors remaining jittery in the wake of disappointing trade data from China, Greek debt drama. The Dow Jones industrial average fell
95.08 points, or 0.53%, to 17,729.21. The S&P 500 slipped 8.73 points, or 0.42%, to 2,046.74. The Nasdaq composite fell 18.39 points, or 0.39%, to 4,726.01.

Crude-oil futures on Monday registered their third straight gain, rising by 9% over the three-session period. On the New York Mercantile Exchange, light, sweet crude-oil futures for delivery in March tacked on $1.17, or 2.3%, to settle at $52.86 a barrel.

Alexis Tsipras, the new Greek prime minister, delivered a defiant speech to parliament on Sunday in which he insisted the government would not seek an extension to the country’s
current bailout.

Rig contractor Diamond Offshore Drilling Inc said it expected a significant number of ultra- deepwater rigs to be idled across the industry by year-end as oil producers’ capital budget  is likely to be lowered by a fifth this year.

About the Author

has written 14556 stories on this site.

Copyright © 2012 Nine Stocks