Business

Wall Street sinks as oil falls further

NYSE traders Image copyright Reuters

(Close): Wall Street markets fell slightly on Wednesday weighed down by energy stocks, as crude oil prices fell sharply.

US data showed an unexpected rise in crude stocks, while investors are concerned that oil exporters will fail to address the global oversupply.

On the stock markets, the Dow Jones dropped 53.42 points to 18400.88.

The S&P 500 index was down 5.17 points to 2170.95, while the Nasdaq index lost 9.77 to 5213.22.

Brent crude was 3.6% lower at $46.99 per barrel, while US crude dropped 3.3% to $44.80.

Oil company Exxon Mobil slipped 0.6% and Chevron was down 1.1%.

Oilfield service giant Schlumberger saw its shares decline 2%.

Shares of Apple edged up slightly one day after the European Commission order the tech giant to pay €13bn in unpaid Irish taxes.

Apple shares closed 0.2% higher on Wednesday.

Payroll firm ADP reported that private sector hiring in the US grew solidly in July. Businesses added 177,000 new staff, suggesting that the official jobs report from the Labor Department on Friday is likely to be positive.