US Stocks Keep Sliding on Global Economic Worries

23 Dec 2015 | Author: | No comments yet »

Stocks slide on global growth worries.

NEW YORK (AP) — U.S. stocks are slumping Friday as investors continue to worry about global economic growth. ENERGY SLUMP The price of oil hovered below $35 a barrel Friday after a big fall earlier this week after a surprise build in American crude inventories. CARMAX SKIDS: Used car dealership chain CarMax disclosed disappointing quarterly results, as its profit and sales both fell short of analyst projections.

ANALYST’S TAKE “The Fed decision has clearly had no effect on the ongoing world of pain that oil prices find themselves in,” said Angus Nicholson, a market analyst at IG in Melbourne, Australia. “A wave of defaults and bankruptcies in the energy sector still looks likely to come, and these concerns are certainly weighing on markets.” ASIA’S DAY The Nikkei 225 declined 1.9 percent in Japan, while in Hong Kong, the Hang Seng lost 0.5 percent. JAPAN STIMULUS The Nikkei index slumped even after the Bank of Japan said it would expand its asset purchase program to encourage more corporate investment.

Transocean gave up 56 cents, or 4.3 percent, to $12.44 while Ensco lost 82 cents, or 5.3 percent, to $14.57 and Diamond Offshore Drilling dipped $1.02, or 4.8 percent, to $20.15. The dollar had climbed Thursday and is expected to gain strength as the Fed raises interest rates while central banks in Europe and Japan reduce interest rates.

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