AEM:CC - Dow S&P End 4-Day Streaks on Fears Economy is Slowing
The Dow Jones Industrial Average fell nearly 200 points on Tuesday as traders assessed a spike in oil prices and what that could mean for the global economy.
The 30-stock index tumbled 198.11 points to 33,403.04.
The S&P 500 dipped 23.89 points to 4,100.62, in minus country for the first time in five days.
The tech-heavy NASDAQ dropped 63.13 points to 12,126.33.
This week, the energy market became another potential source of uncertainty, after OPEC+ announced it was slashing output by 1.16 million barrels of oil per day. West Texas Intermediate futures had their biggest daily gain in nearly a year on the news. On Tuesday, however, crude traded slightly lower.
Available positions fell to 9.93 million for the month, down more than 600,000 from January and well below the FactSet estimate of 10.4 million, according to a U.S. Labor Department report Tuesday.
Prices for the 10-year Treasury gained, lowering yields to 3.35% from Monday 3.41%. Treasury prices and yields move in opposite directions.
Oil prices forged ahead two cents to $80.44 U.S. a barrel.
Gold prices advanced $39.00 to $2,039.40 U.S. an ounce.