Oil weighs on US stock market
Unexpectedly high US gasoline stockpiles dragged crude oil prices down to near $50 a barrel, pushing energy stocks to a seven-month low and weighing on the broader US stock market, says Robin Wigglesworth.
The April 19 trading day is over for Wall Street and here is how it went-- the S&P 500 index dipped 0.2% on Wednesday, dragged lower by energy stocks pummelling by a rout in crude oil prices.
The S&P 500's energy gauge fell by 1.4%, to close at its lowest level since September after an unexpected rise in US gasoline stockpiles pushed oil prices back to near the $50 a barrel mark again.
West Texas Intermediate, the main US crude oil benchmark, fell by 3.8% to $50.44 per barrel, weighing down a lot of small shale oil companies, in particular.
However IBM was the biggest fall on Wall Street on Wednesday, tumbling by nearly 5%, after its revenues fell for the 20th quarter in a row.
Credits: Filmed and edited by Donell Newkirk.