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Oil price fall hits US energy stocks | Oil price fall hits US energy stocks |
(about 3 hours later) | |
(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 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 33 points to 2,026.33, while the Nasdaq was 77 points lower at 4,689.42. | |
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 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. |