US stocks drop as oil equities tumble

GMT 20:40 2015 Monday ,03 August

Arab Today, arab today US stocks drop as oil equities tumble

US stocks
New York - AFP

US stocks dropped Monday with petroleum-linked equities retreating on a big drop in oil prices as Wall Street girds for a busy week of economic reports.

At the closing bell, the Dow Jones Industrial Average stood at 17,598.26, down 91.60 points (0.52 percent).

The broad-based S&P 500 shed 5.86 (0.28 percent) at 2,097.98, while the tech-rich Nasdaq Composite Index lost 12.90 (0.25 percent) at 5,115.38.

Dow members ExxonMobil and Chevron lost 1.5 percent and 3.3 percent, respectively, while Marathon Oil lost 2.1 percent as US crude prices plummeted 4.1 percent to $45.17 a barrel.  

US data showed slightly weaker manufacturing activity and a modest gain in consumer spending. Investors are especially focused on Friday's jobs report for July.


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