U.S. Stocks Drop on Brent Bear Slump, Gold Rises: Markets Wrap
- World’s oil benchmark below $45 for first time in 2017
- Saudi equities surge on MSCI announcement; bonds fall
Oil Dips on Global Glut Concerns
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Most U.S. stocks fell as oil’s worsening slump weighed on energy and industrial shares, overshadowing fresh rallies in high flying technology and biotech companies.
Brent crude slid beneath $45 a barrel to join West Texas Intermediate in a bear market as stockpiles in America remain above seasonal averages and Libya resumed some production. That sent energy shares in the S&P 500 Index to the lowest level in two months. The equity benchmark almost eked out a gain as chipmakers led a rally in its biggest component, tech shares. Treasuries were virtually unchanged after erasing losses, while the dollar slipped.