The Dow Is Down 191 Points After More Bad Manufacturing Data
The Dow Jones Industrial Average and other key stock indexes fell in response to downbeat news about manufacturing.
Oil stocks rose as expectations that OPEC will reduce output lifted the price of crude.
Into the Red. The three major U.S. stock market indexes fell after the latest manufacturing data came in worse than expected and showed that the sector contracted for the fourth straight month. News that President Donald Trump said the U.S. would reimpose tariffs on steel from Argentina and Brazil made sentiment still more negative.
The Dow Jones Industrial Average lost 191 points, or 0.7%. The S&P 500 dropped 0.7% and the Nasdaq Composite fell 1.0%.
The price of crude oil rose 1.7% on reports that OPEC could cut production, sending energy stocks higher. Cimarex Energy (ticker: XEC) gained 2.7%, Marathon Oil (MRO) was up 2.4%, HollyFrontier (HFC) rose 2.1%, and National Oilwell Varco (NOV) was 1.7% higher.
Altria Group (MO) gained 1.7% after Citigroup upgraded the stock to Buy from Neutral. Citi also cut Philip Morris International (PM) to Neutral from Buy; the stock lost 0.7%.
Bucking the bullish trend in energy stocks, Apache (APA) lost 13.3% after it said that it would need to drill deeper at a key offshore well in Suriname.
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