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Thursday, 10 June 2010 - U.S. Markets Finish Lower As Energy Names Weigh
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    Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel   News Articles U.S. Markets Finish Lower As Energy Names Weigh Email Facebook Digg Twitter Buzz Up! ShareThis June 9, 2010 4:41 p.m. EST Topics: market and exchange, economy, business and finance, securities, United States Mitchell Jaworski - AHN News Reporter New York, NY, United States (AHN) - U.S. markets gave up early gains Wednesday to finish lower as the energy sector weighed with concerns over BP’s finances coming to light amidst costs of the Gulf of Mexico oil spill. Shares of BP (NYSE: BP) tumbled 15 percent on Wednesday as reports surfaced the energy firm may suspend its dividend, spiking fears the company cannot digest the cost of the oil spill. The cost to insure BP debt against default surged 48 percent. The Dow Jones Industrial Average fell 40 points or 0.4 percent on the day. Dow decliners outpaced advancers 22 to 8. Financial names weighed on the Dow with Bank of America (NYSE: BAC) down 2 percent and JP Morgan (NYSE: JPM) off 1.8 percent. The S&P 500 fell 6 points or 0.6 percent as oil and gas names led the index lower; the group lost 2.4 percent Wednesday. The Nasdaq Composite fell 11 percent or 0.5 percent as big-cap tech weighed on the index. The Nasdaq 100 fell 0.9 percent on the session. Crude oil bucked the trend, jumping 3.3 percent to settle at $74.38 a barrel on the New York Mercantile Exchange. The commodity rallied after weekly inventory data showed a 1.3 million barrel draw, much more than expected. Thursday’s market will see the release of new jobless claims for the week ended June 5, along with the April U.S. trade balance. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories The Karate Kid ( *** ) Gary Coleman Wanted Only Those Who Cared For Him At His Wake Animal Deaths From Oil Spill Only Now Becoming Known Swiss Inventor Of Cheap Solar Cells Wins $1 Million Report: Notre Dame Suddenly Getting Serious About Joining Big Ten New Gary Coleman Will Allegedly Found Tea Party Pick Gets Republican Nod In Race To Unseat Harry Reid Alert Level Raised For Philippines' Taal Volcano Kristen Stewart Apologizes For "Rape" Comments Ottawa Orders 65 Fighter Jets Worth $9 Billion From Lockheed-Martin   Recent Posts Most Popular Comments Recent Comments Popular Threads     Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved  

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