Commodities Stocks drag Wall Street after Lower Oil Prices

August 27, 2009 Share Print 0

Energy producers were especially weak as oil continued to fall from its recent peaks. Chevron gave up 1.2 per cent to $70.27, while ExxonMobil lost 1.4 per cent to $70.39.
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Metal producers also dropped. Copper miner Freeport-McMoRan fell 0.9 per cent to $62.55 and Nucor, the steel maker, shed 1.6 per cent to $44.54.

By midday, the benchmark S&P 500 was down 0.6 per cent at 1,022.13, while the Nasdaq Composite index was 1 per cent lower at 2,005.23.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.