Plunging oil prices weigh on energy stocks. Other stocks rise [Los Angeles Times (CA)]
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Source: Los Angeles Times
Plunging oil prices weigh on energy stocks. Other stocks rise After two days of huge losses, U.S. stock indexes ended the day back where they started Tuesday. Energy companies sank as crude oil plunged 7%, but technology and consumer-focused companies climbed. U.S. crude oil fell to its lowest price since August 2017, and it has now fallen almost 40% since early October. Investors are worried that supplies continue to increase and that demand is slowing as the global economy weakens. The plunge in oil prices has crushed energy company stocks in recent weeks. Some of energy stocks’ Tuesday losses were offset by gains in Apple, Amazon, Microsoft and Boeing. Boeing raised its quarterly dividend and said it would buy back an additional $20 billion of its stock. Boeing has tumbled on worries that the global trade war will hit its profits particularly hard. The Federal Reserve started its last meeting of the year. Investors expect it to raise interest rates Wednesday when the meeting conclu
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