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MARKET SNAPSHOT: Stocks Trim Steep Losses; S&P 500 Still Posts Lowest Close Since April 2014
Date : 02/08/2016 @ 5:06PM
Source : Dow Jones News

http://ih.advfn.com/p.php?pid=nmona&article=70292570

Twitter falls to all-time-low; FANG stocks, financials crumble;

Stocks trimmed sharp losses but still ended broadly lower Monday, with the S&P 500 posting its lowest close since April 2014 amid a fresh drop in crude oil prices, jitters over European banks and continuing fears of a global economic slowdown.

The Nasdaq Composite logged the heaviest losses as the theme of a collapse in the so-called FANG stocks--Facebook Inc. (FB), Amazon.com Inc. (AMZN) Netflix Inc. (NFLX) and Google parent Alphabet Inc. (GOOGL) -- continued for a second straight session.

The S&P 500 closed 26.61 points, or 1.4%, lower at 1,853.44, its lowest closing level since April 2014. The S&P remained above its Jan. 20 intraday low of 1812.29.

A fresh drop in oil prices (www.marketwatch.com/story/oil-pops-above-31-a-barrel-as-traders-keep-close-watch-on-the-dollar-2016-02-08)amid continuing fears about the global oversupply of crude weighed on materials stocks, the worst performer on the S&P 500, down 2.7%, followed by financials, down 2.6%. The energy sector, however, was resilient overall and the only one to close in positive territory, up less than 0.1%.

Some individual energy stocks were battered, however. Chesapeake Energy Corp. plunged 33.2% and Williams Companies (WMB) sank 34.9%, leading the S&P 500 decliners.