Stocks Surrender Early Gains After Weak Production Data, Renewed Sell-Off for Oil
Stocks have returned most of their earlier gains, with the S&P 500 and other benchmark indices Wednesday barely on the plus side today after the government's weekly inventory report sent crude oil prices plummeting from more oversupply pressures and also driving energy shares sharply lower. The early upbeat mood for Wall Street today soured in the wake of disappointing industrial production and manufacturing data, with the downturn accelerating after the Department of Energy reported an increase in commercial supplies over prior-week levels of 4.8 million barrels during the seven days ended Dec. 11 compared with expert opinion looking for a 2.5 million barrel decline.
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