Monday, December 8, 2014

Dow Off Triple Digits

U.S. stocks fell sharply on Monday, with benchmarks retreating from records and the energy sector slammed as the price of crude fell below $63 a barrel for the first time since July 2009.
Crude for January delivery fell $2.79, or 4.2 percent, to settle at $63.05 a barrel.
McDonald's fell after the fast-food chain reported global comparable sales declined 2.2 percent last month. Merck & Co. said it would acquire Cubist Pharmaceuticals in a deal valued at $9.5 billion.
Apple fell sharply, with the consumer-technology maker leading the technology sector lower.
Chinese overseas shipments climbed 4.7 percent from a year earlier in November, the customs administration said. 
Separately, Japan's economy contracted more than anticipated in the third quarter.
After a 154-point drop, the Dow Jones Industrial Average shed 0.6 percent, McDonald's and Chevron leading blue-chip losses that extended to 19 of 30 components.
The S&P 500 fell 14.93 points, or 0.7 percent, to 2,060.44, with energy and materials falling hardest and utilities and financials faring best among its 10 major industry groups.
The Nasdaq shed 40.06 points, or 0.8 percent, to 4,740.69.
For every share rising, more than two dropped on the New York Stock Exchange, where 743 million shares traded. Composite volume neared 3.7 billion.
The U.S. dollar declined against the currencies of major U.S. trading partners; the yield on the 10 year Treasury note fell 5 basis points to 2.2552 percent.
Gold futures for February delivery rose $4.50, or 0.4 percent, to $1,194.90 an ounce on the New York Mercantile Exchange.

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