September 24, 2009
Wall Street capped lower Wednesday, as lower oil prices dragged down energy stocks and financials lost ground amid concern the Federal Reserve is nearing the end of its efforts to lift the economy.
Crude tumbled 3.9 percent to below 69 U.S. dollars a barrel on the New York Mercantile Exchange, as crude inventories unexpectedly increased last week and the dollar rose from a one-year low against the euro. Chevron and Exxon Mobil led energy stocks down.
JPMorgan Chase and Citigroup each lost over 2.8 percent, as the Fed signaled it will use fewer tools to boost the economic growth. The Fed, following a two-day policy meeting, left its interest rates unchanged and said the economy has picked up.
Prudential Financial Inc. slid over 5 percent after Morgan Stanley downgraded the U.S. life insurance industry from "attractive" to "in line."
The Dow Jones fell 81.32, or 0.83 percent, to 9,748.55. Broader indexes also went lower. The Standard & Poor's 500 index lost 10.79, or 1.01 percent, to 1,060.87 and the Nasdaq dipped 14.88, or 0.69 percent, to 2,131.42.