Stock Market News For Sep 17, 2019
Zacks Investment Research | Sep 16, 2019 10:37PM ET
Benchmarks closed in the negative territory on Monday after oil prices soar due to attack on Saudi oil production facilities. Weak industrialproduction data from China Further dampened sentiments.
The Dow Jones Industrial Average (DJI) fell 0.5% or 142.7 points to close at 27,076.82. The S&P 500 dropped 9.43 points or 0.3% to close at 2,997.96. The Nasdaq Composite Index closed at 8,153.54, declining 0.3% or 23.17 points. The fear-gauge CBOE Volatility Index (VIX) increased 6.3% to close at 14.67. Advancers outnumbered decliners on the NYSE by a 1.09-to-1 ratio. On Nasdaq, a 1.18-to-1 ratio favored advancing issues.
How Did the Benchmarks Perform?
The Dow shed 0.5% ending an eight-day winning streak. In fact, the Dow closed on Monday around 1% below its record all-time closing high of 27,359.16, which it hit on Jul 15. The S&P 500 energy sector has been one of the worst performing sectors this year, but it plumed 3.15%. The S&P 500 index recorded five new 52-week highs and one new low, while the Nasdaq recorded 41 new highs and 22 new lows.
Saudi Oil Plant Attack Spikes Oil Prices
On Sep 14, the Saudi Aramco, officially known as the Saudi Arabian Oil Companyand one of the largest oil suppliers of the world was attacked by drones hitting its two major oil production facilities. This attack on Saudi’s national petroleum and gas Company, removed almost 5% of the global oil supply.
Though, Saudi Aramco’s officials have reported that they will try to restore about one third of the country’s oil production, the oil prices still soared to record high. The West Texas Intermediate crude (WTI) settled at $62.90 a barrel on Monday, which is the biggest one-day percentage climb since September 2008.
While the global benchmark, Brent crude settled at $69.02 a barrel, its largest one-day percentage gain since at least 1988. The Energy Select Sector SPDR Fund (XLE (NYSE:XLE)) jumped 3.4% Shares of Apache Corporation (NYSE:APA) , Marathon Oil Corporation (NYSE:MRO) and Hess Corporation (NYSE:HES) jumped to 16.9%, 11.6% and 11.2%, respectively, and were the leading gainers on the benchmark index. Apache Corp, Marathon Oil and Hess has a Zacks Rank #3 (Hold). You can seeZacks Investment Research
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