Stocks Pare Losses, But Still End Lower
U.S. Market
Stocks pared losses in late trading, but were still sharply lower as falling oil prices, growth worries and uncertainty about Fed actions led to widespread selling.
Investors sought out safe havens this morning, sending the price of gold close to a 9-month high and the yield on U.S. Treasury bonds lower.
Oversupply fears sent the price of oil futures lower today for the third-straight session.
At market close the Dow was off 1.1%, the S&P 500 dropped 1.4% while the Nasdaq was down 1.8%.
Stocks on the Move
There was limited corporate news this morning, but there will be more earnings reported later in the week.
Shares of Chesapeake Energy (CHK) plummeted today after reported that the firm has hired a restructuring expert and that it was exploring its options on how to deal with its debt load. Chesapeake management said they had no plans to pursue bankruptcy.