Markets Right Now: Stocks fall as oil prices spike

Gordon Charlop, center, and Christian Bader work at the New York Stock Exchange, Monday, Sept. 16, 2019. Global stock markets sank Monday after crude prices surged following an attack on Saudi Arabia's biggest oil processing facility. (AP Photo/Mark Lennihan)

Stocks are lower at midday Monday as oil prices spike following a weekend attack on major oil facilities in Saudi Arabia.

NEW YORK — The latest on developments in financial markets (all times local):

4 p.m.

Stocks are closing lower Monday as a spike in oil prices raises fresh worries about the strength of the global economy.

The U.S. and international benchmarks for crude oil each rose more than 14% after a weekend attack on oil facilities in Saudi Arabia. Shares of oil producers jumped, with Marathon Oil gaining 11.5%.

Companies in fuel-dependent industries fell. American Airlines dropped 7.3% and Carnival Corp. slipped 3.2%.

The Dow Jones industrials fell 142 points, or 0.5%, to 27,076, breaking an eight-day win streak.

The S&P 500 slid 9 points, or 0.3%, to 2,997. The Nasdaq fell 23 points, or 0.3%, to 8,153.

Bonds rose after a recent sell-off. The yield on the 10-year Treasury dropped to 1.84% from 1.90% Friday. That hurt bank stocks — Goldman Sachs dropped 1.2%.

___

11:50 a.m.

Stocks are lower at midday Monday as oil prices spike following a weekend attack on major oil facilities in Saudi Arabia.

The U.S. and international benchmarks for crude oil each rose more than 11%. Shares of oil producers rose sharply, with Marathon Oil gaining 8.8%.

Companies in fuel-dependent industries fell. American Airlines dropped 5.3% and Royal Caribbean Cruises slipped 1.4%.

The Dow Jones Industrial Average fell 152 points, or 0.6%, to 27,067. The index has risen for eight consecutive days.

The S&P 500 is down 12 points, or 0.4%, to 2,994. The Nasdaq fell 32 points, or 0.4%, to 8,144.

Bonds rose after a recent sell-off. The yield on the 10-year Treasury dropped to 1.85% from 1.90% Friday. That hurt bank stocks, with Citigroup dropping 1.2%.

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9:40 a.m.

Stocks are lower early Monday as oil prices spike following a weekend attack on major oil facilities in Saudi Arabia.

The U.S. and international benchmarks for crude oil each rose around 10%. Shares of oil producers rose sharply, with ConocoPhillips gaining 6.5%.

Companies in fuel-dependent industries fell. American Airlines dropped 4.5% and Royal Caribbean Cruises slipped 2.7%.

The Dow Jones Industrial Average fell 88 points, or 0.3%, to 27,130. The index has risen for eight consecutive days.

The S&P 500 is down 8 points, or 0.3%, to 2,999. The Nasdaq fell 38 points, or 0.5%, to 8,137.

Bonds rose after a recent sell-off. The yield on the 10-year Treasury dropped to 1.86% from 1.90% Friday. That hurt bank stocks, with Citigroup dropping 1.2%.

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