Energy stocks lead an early decline in US as oil price falls
Posted January 25, 2016 6:00 am
NEW YORK (AP) - Another drop in energy prices is dragging down oil and gas companies in early trading, leading the overall market lower.
Chevron fell 2 percent shortly after the opening bell Monday and Exxon Mobil lost more than 1 percent.
The price of U.S. oil declined 3 percent to just over $31 a barrel in New York.
McDonald's bucked the downward trend, gaining 2 percent after reporting a sharp rise in sales.
The Dow Jones industrial average declined 65 points, or 0.4 percent, to 16,022.
The Standard & Poor's 500 index fell 10 points, or 0.5 percent, to 1,896. The Nasdaq composite gave up 17 points, or 0.4 percent, to 4,574.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.03 percent.
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