Stocks largely closed lower on Friday, led by shares in energy companies and fueled by renewed concerns over global oil production. Trade volume also was light during the half-day market session the day after Thanksgiving.
The Dow Jones Industrial Average ended down 178.74 points, or 0.73 percent, to 24,285.95. The Standard & Poor’s 500 index lost 0.66 percent on Friday, while the tech-heavy Nasdaq composite closed 0.48 percent lower. Only the Russell 2000, an index of smaller-company stocks, finished slightly higher by 0.03 percent.
“Today seems to be clearly about oil. You saw the Saudis commit to more production,” said John Lynch, chief investment strategist at LPL Financial. “Oil prices have gotten whacked, and the energy sector is down more than double anyone else.”
Oil woes
Crude oil prices tumbled amid worries over rising production, record output from Saudi Arabia and mounting doubts that OPEC will cede to U.S. pressure and elect to cut production at the oil cartel’s meeting next month.
Stocks largely closed lower on Friday, led by shares in energy companies and fueled by renewed concerns over global oil production. Trade volume also was light during the half-day market session the day after Thanksgiving.
The Dow Jones Industrial Average ended down 178.74 points, or 0.73 percent, to 24,285.95. The Standard & Poor’s 500 index lost 0.66 percent on Friday, while the tech-heavy Nasdaq composite closed 0.48 percent lower. Only the Russell 2000, an index of smaller-company stocks, finished slightly higher by 0.03 percent.
“Today seems to be clearly about oil. You saw the Saudis commit to more production,” said John Lynch, chief investment strategist at LPL Financial. “Oil prices have gotten whacked, and the energy sector is down more than double anyone else.”
Oil woes
Crude oil prices tumbled amid worries over rising production, record output from Saudi Arabia and mounting doubts that OPEC will cede to U.S. pressure and elect to cut production at the oil cartel’s meeting next month.