(menafn – ecpulse) (Menafn - ecPulse)
U.S. stocks declined throughout today's midday session to put an end to an eight-day rally that sent the S&P 500 to its highest level in 17 months, where India's unexpected interest rate hike ignited fears among investors that central banks' steps to curb inflation will hurt global growth.
Meanwhile, oil prices fell below 80 a barrel to lead energy shares lower, as oil prices dropped heavily today amid the huge strength acquired by the U.S. dollar, which sent dollar denominated assets including oil and gold tumbling to the ground.
The Dow Jones Industrial Average index lost 53.89 points or 0.50% to reach 10725.28 levels
The index added and slashed points based on the performance of the upcoming stocks; the index shed points due to 3M Co share as it declined 1.59 or 1.90% to cut 12.02 points from the index as it reached 82.08, then came IBM as it dropped 1.31 or 1.02% costing the index 9.90 points as it reached 127.07, finally Caterpillar Inc share declined 0.68 or 1.14% subtracting 5.14 points from the index as it reached 59.09.
On the contrary the stocks adding the most points to the index were Coca-Cola Co stock as it inclined 0.86 or 1.59% to add 6.42 points as it reached 54.81, then came United Tech Co share as it inclined 0.79 or 1.09% adding to the index 5.97 points as it reached 73.29, finally Boeing Co share inclined 0.64 or 0.90% providing the index with 4.84 points as it reached 71.51.
The Standard & Poor's 500 Index shed 6.64 points or 0.57% to reach 1159.19 levels,
The index added and slashed points based on the performance of the upcoming stocks; the index shed points due to Nabors Industries Ltd share as it declined 0.89 or 4.31% as it reached 19.74, then came Cabot Oil & Gas Corp as it dropped 1.56 or 3.95% as it reached 37.96, finally Baker Hughes Inc share declined 1.93 or 3.91% as it reached 47.44.
The stocks adding the most points to the index were Genzyme Corp stock as it inclined 1.87 or 3.26% as it reached 59.28, then came Cigna Corp share as it inclined 1.15 or 3.21% as it reached 36.99, finally Aetna Inc share inclined 1.02 or 3.07% as it reached 34.26.
Data as of 13:08 EST