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US: Stocks dip amid weakness in oil shares

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[NEW YORK] Wall Street stocks sagged on Thursday for a second straight session, with weakness in petroleum-linked shares dragging the market further below records earlier in the week. Read more at The Business Times.

[NEW YORK] Wall Street stocks sagged on Thursday for a second straight session, with weakness in petroleum-linked shares dragging the market further below records earlier in the week.The broad-based S&P 500 shed 0.2 per cent, closing at 2,917.52, while the tech-rich Nasdaq Composite also fell 0.2 per cent to settle at 8,036.77.

Petroleum producers were an especially vulnerable sector, with Exxon Mobil losing 1.7 per cent, Devon Energy 2.8 per cent and Marathon Oil 5.8 per cent. Tesla Motors rose 4.3 per cent as it announced it would raise as much as US$2.3 billion in debt and equity to boost its cash position. The news had been telegraphed by chief executive Elon Musk on an April 24 conference call that sent shares lower.

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