Markets Right Now: Plunging oil prices sink energy stocks

NEW YORK – The latest on developments in financial markets (all times local):

4 p.m.

The steepest fall in oil prices in more than three years pulled energy stocks lower on Wall Street, extending a losing streak for the S&P 500 index to a fourth day.

The price of U.S. crude plunged 7.1 per cent Tuesday, to $55 a barrel, the lowest since December 2017.

Oil has now fallen for 12 straight days, driven by worries over rising oil production around the world and weakening demand from developing countries.

Energy companies sustained big losses. Exxon Mobil gave up 2.3 per cent.

The S&P 500 fell 4 points, or 0.1 per cent, to 2,722.

The Dow Jones Industrial Average lost 100 points, or 0.4 per cent, to 25,286. The Nasdaq composite was little changed at 7,200.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.14 per cent.

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11:45 a.m.

Stocks are moving higher on Wall Street in midday trading as technology companies bounce back following big losses the day before.

Chipmakers were doing especially well Tuesday after taking a beating on Monday. Nvidia was up 6 per cent and Intel rose 2.6 per cent.

Amazon was up 1 per cent. The booming online retailer said it would split its much-anticipated second headquarters operations between New York and northern Virginia.

The S&P 500 index rose 17 points, or 0.6 per cent, to 2,743.

The Dow Jones Industrial Average climbed 77 points, or 0.3 per cent, to 25,462. The Nasdaq composite added 87 points, or 1.2 per cent, to 7,288.

The price of oil fell again, extending its losing streak to 12 days.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.16 per cent.

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9:35 a.m.

Stocks are opening higher on Wall Street following a plunge led by technology stocks the day before.

Technology stocks were among the biggest gainers in early trading Tuesday. Microsoft climbed 1.3 per cent.

Advance Auto Parts climbed 7.7 per cent after reporting strong results and raising its forecast.

The S&P 500 index rose 14 points, or 0.5 per cent, to 2,740.

The Dow Jones Industrial Average climbed 55 points, or 0.2 per cent, to 25,445. The Nasdaq composite added 67 points, or 1 per cent, to 7,271.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.17 per cent.