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Oil price fall hits US energy stocks Oil price fall hits US energy stocks
(about 3 hours later)
(Open): Stocks on Wall Street opened lower, with energy shares seeing some of the biggest falls as the oil price slid to a fresh five-year low. (20:00 GMT): Stocks on Wall Street have tumbled, with energy shares seeing some of the biggest falls as the oil price slid to a fresh five-year low.
The price of Brent crude fell to $65.24 a barrel - its lowest since September 2009 - before recovering slightly.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% and Exxon Mobil slid 1.5%. The Dow Jones dropped 277 points to 17,523.74. Among oil stocks, Exxon Mobil slid 3.2%. and Chevron fell 2.7%.
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. The S&P 500 index dropped 33 points to 2,026.33, while the Nasdaq was 77 points lower at 4,689.42.
Shares in Yum Brands fell nearly 5% to $71.54 after the KFC owner cut its annual profit forecast for the year, due to slower sales in China. Shares in Yum Brands fell 5.7% to $70.94 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%.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%.
Costco shares rose 1.9% after its quarterly profits beat expectations. Net income for the quarter to 23 November increased to $496m, up from $425m a year earlier. Costco shares fell 2.5%, after initially rising, after it reported its quarterly profit. Net income for the quarter to 23 November increased to $496m, up from $425m a year earlier.