Market Watch: As oil goes, so does the market

On this Groundhog Day, Punxsutawney Phil did not see his shadow thus signaling an early spring. Unfortunately, neither the groundhog nor investors saw any positive news on the markets either, which signaled another down day on Wall Street. If the groundhog were an investor, he would have scurried back to his den. Once again, as has been the case in many recent sessions on Wall Street, the falling price of oil was the main reason for Tuesday’s selloff. The price for a barrel of crude oil dropped -5.5% to $29.90 per barrel, and oil giant Exxon-Mobile revealed a poor earnings report. Exxon Mobile’s oil profits were down in the 4th quarter of last year down $2.8 billion from the same quarter a year prior. Exxon’s profits are down 50% from 2014. In addition, The credit ratings of ten of the largest energy companies were downgraded by Standard & Poor’s.

Here are the final numbers from Tuesday, 2/2/16 on Wall Street.

Dow Jones Industrial Average: 16,153.50 (-295.60 / -1.9 %)

NASDAQ: 4,517.00  (-103.4 / -2.20 %)

S&P 500: 1,903.38  (-36.5 / -1.90 %)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella
- 8 hours ago
Phil Cannella
Phil Cannella

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