- Title: Wall Street ends down
- Date: 20th June 2017
- Summary: NEW YORK CITY, NEW YORK, UNITED STATES (JUNE 20, 2017) (REUTERS) (SOUNDBITE) (English) VESPULA CAPITAL CEO, JEFF TOMASULO SAYING: "A lot of it has to do with the concern over oil, right? If oil continues to go lower, when we look back to January of the last year when we had oil break 40 going to the 30s, you know, that brings a lot of concerns up with banks because of who they're funding these companies in the United States. Where is the risk?"
- Embargoed: 4th July 2017 21:35
- Keywords: Federal Reserve rate hikes oil prices Vespula retail shares Dow Jones Industrial Average Amazon OPEC
- Location: NEW YORK, NEW YORK, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA0026M32U8D
- Aspect Ratio: 16:9
- Story Text: U.S. stocks closed lower on Tuesday (June 20) as a sharp drop in oil prices hurt energy stocks and retail stocks were pulled down by concerns about Amazon.com's AMZN.O plan to boost its apparel business, while investors also worried about future Federal Reserve rate hikes.
Oil prices fell about 2 percent after news of increases in supply by several key producers, a trend that has undermined attempts by OPEC and other producers to support the market through reduced output.
Kaplan said technology and globalization is holding down U.S. inflation, which suggested that low inflation might linger, said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
The Dow Jones Industrial Average was down 61.85 points, or 0.29 percent, to 21,467.14, the S&P 500 had lost 16.43 points, or 0.67 percent, to 2,437.03 and the Nasdaq Composite had dropped 50.98 points, or 0.82 percent, to 6,188.03. - Copyright Holder: REUTERS
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