U.S. stocks trade lower amid declining oil prices

Source: Xinhua| 2017-11-16 01:15:10|Editor: huaxia
Video PlayerClose

NEW YORK, Nov. 15 (Xinhua) -- U.S. stocks traded lower on Wednesday as market sentiment was dented by dropping oil prices.

At midday, the Dow Jones Industrial Average lost 79.40 points, or 0.34 percent, to 23,330.07. The S&P 500 erased 8.00 points, or 0.31 percent, to 2,570.87. The Nasdaq Composite Index was down 18.34 points, or 0.27 percent, to 6,719.53.

U.S. and Brent oil prices dropped 0.6 and 1.9 percent respectively on Wednesday after the International Energy Agency cut its outlook for oil demand growth by 100,000 barrels per day for 2017 and 2018.

In corporate news, the Dow-component GE retreated slightly on Wednesday after slumping more than 12 percent in the previous two sessions, amid investors' worries about the company's newly-announced massive restructuring plan.

On the U.S. economic front, the Labor Department said on Wednesday its Consumer Price Index (CPI) edged up 0.1 percent last month after jumping 0.5 percent in September.

Meanwhile, the year-on-year increase in the CPI went down to 2.0 percent from 2.2 percent in September. The latest readings were in line with market expectations. Enditem