NEW YORK, Dec. 29 (Chinese media) -- Wall Street fell on Monday as the Middle East tension weighs on the market. A rebound in oil price and cancellation of a Dow Chemical joint venture helped end U.S. stocks' two-day rally.
Crude oil price rose back above 40 U.S. dollars a barrel on the New York Mercantile Exchange as the investors worry that the military tension in the Gaza Strip would disrupt the oil supply of the area. Energy shares were among top gainers Monday.
Kuwait's government scrapped its 17.4 billion K-Dow Petrochemicals joint venture with Dow Chemical Co., which was set to begin Thursday. Investors worried that the cancellation will affect Dow Chemical's takeover offer for Rohm Haas. Dow Chemical had proposed 15.3 billion dollars to acquire Rohm Haas. Both Dow Chemical and Rohm Haas shares tumbled nearly 20 percent.
SL Green Realty also weighed on the market, after New York's biggest office landlord cut its dividend by more than half.
The Dow Jones fell 31.62 to 8,483.93. Broader indexes also lost ground. The Standard Poor's 500 index dipped 3.38 to 869.42; and the Nasdaq shed 19.92 to 1,510.32.
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