(MENAFN- ProactiveInvestors) U.S. stocks reversed early morning gains as oil prices fell back on OPEC's announcement that it will not cut output even if prices fall as low as $40 a barrel.
As of noon in New York the Dow Jones Industrial Average was down 97 points at 17182 while the Nasdaq lost 43 points to 4610 and the S&P 500 dropped 12 points to 1990.
The Dow tumbled over 300 points on Friday after oil reached fresh 5-1/2 year lows ending its worst week of 2014 and its biggest weekly percentage drop since November 2011.
U.S. stocks started Monday with gains as oil prices began to rebound somewhat on news of the closure of two Libyan oil terminals but WTI for January delivery was last down $1.71 at $56.13 a barrel in electronic trading in New York.
On the economic front this week is a big one in terms of data with the main event being the Federal Open Market Committee meeting and news conference on Wednesday.
Today the Empire State Index for December the first of many regional manufacturing gauges to be released fell to negative 3.6 in December from 10.2 in November surprising analysts. This is the first negative reading since January 2013 with economists having had expected the index to inch higher to a 12.0 reading.
Following this industrial production rose a better-than-expected 1.3% in November according to data released by the thanks to strong consumer goods and utilities output. Meanwhile the National Association of Home Builders index for December ticked down one point to 57.
In corporate activity () has agreed to be sold to a BC Partners-led group for $8.7 billion in the largest private equity buyout of 2014. The consortium is paying $83 a share nearly 7% higher than the company's closing price on Friday and about 39% higher than its closing price on July 2 the day before activist investor Jana Partners disclosed itself as a major shareholder. Shares of gained 4.4%.
() said it is acquiring Charter Brokerage under undisclosed terms.
Shares of Ford Motor () dropped o the lowest level in over a month after analyst Rod Lache raised concerns about the company's rising regulatory costs and competition from electric cars.
Pictures has reportedly cancelled the production of several films due to the cyber attack that has left it unable to process payments. Over the weekend hackers released a seventh cache of files from the studio and said people can expect a "Christmas gift" that would put the company into the worst state.
Overseas shares in Europe finished sharply lower as mining and energy stocks fell.
Japanese stocks also fell today as oil prices sank overnight and as a survey showed caution on the side of the country's manufacturers getting no lift from Prime Minister Shinzo Abe's landslide win in a snap election over the weekend. In Hong Kong the police began clearing the last pro-democracy protest in the city today declaring an end to the turmoil that have blocked the city's roads for more than 11 weeks.
Gold futures fell $7 to $1215 an ounce in electronic trading in New York.
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