United States stocks opened lower on Wednesday, with energy shares seeing some of the biggest falls as the oil price slid to a fresh five-year low, the British Broadcasting Corporation reported.
The price of Brent crude fell to $65.24 a barrel – its lowest since September 2009 – before recovering slightly.
The Dow Jones dropped 67.40 points to 17,733.80. Among oil stocks, Chevron fell 1.9 per cent and Exxon Mobil slid 1.5 per cent.
The S&P 500 index dropped 5.92 points to 2,053.90, while the Nasdaq was 14.30 points lower at 4,752.17.
Shares in Yum Brands fell nearly five per cent to $71.54 after the KFC owner cut its annual profit forecast for the year, due to slower sales in China.
Yum said its full-year profit growth would be a “mid-single-digit” percentage, down from the 10% it forecast in October. Earlier in the year, the firm had predicted growth of at least 20 per cent.
Costco shares rose 1.9 per cent after its quarterly profits beat expectations. Net income for the quarter to 23 November increased to $496m, up from $425m a year earlier.
US stocks had started the week on a negative note as the price of oil continued its sharp falls.
On Monday, the BBC reported that the price of Brent crude fell below $63 per barrel for the first time since July 2009 as weak demand and oversupply continue to put a damper on prices.
The Dow Jones fell 106.31 points to 17,852.48 and the S&P 500 dropped 15.06 points to 2,060.31.
The Nasdaq index shed 40.06 points to close at 4,740.69.
Concerns about the health of the global economy continued to weigh on investors.
The price of Brent crude fell to $65.24 a barrel – its lowest since September 2009 – before recovering slightly.
The Dow Jones dropped 67.40 points to 17,733.80. Among oil stocks, Chevron fell 1.9 per cent and Exxon Mobil slid 1.5 per cent.
The S&P 500 index dropped 5.92 points to 2,053.90, while the Nasdaq was 14.30 points lower at 4,752.17.
Shares in Yum Brands fell nearly five per cent to $71.54 after the KFC owner cut its annual profit forecast for the year, due to slower sales in China.
Yum said its full-year profit growth would be a “mid-single-digit” percentage, down from the 10% it forecast in October. Earlier in the year, the firm had predicted growth of at least 20 per cent.
Costco shares rose 1.9 per cent after its quarterly profits beat expectations. Net income for the quarter to 23 November increased to $496m, up from $425m a year earlier.
US stocks had started the week on a negative note as the price of oil continued its sharp falls.
On Monday, the BBC reported that the price of Brent crude fell below $63 per barrel for the first time since July 2009 as weak demand and oversupply continue to put a damper on prices.
The Dow Jones fell 106.31 points to 17,852.48 and the S&P 500 dropped 15.06 points to 2,060.31.
The Nasdaq index shed 40.06 points to close at 4,740.69.
Concerns about the health of the global economy continued to weigh on investors.
Punch
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