Materials Lead U.S. Stocks Lower as Commodities Dip

By: Associated Press
By: Associated Press

New York, NY (AP) - Stocks are closing lower as falling commodity prices drag materials and energy companies down sharply.

Crude oil fell nearly $2 to $105 Wednesday, punishing energy stocks. Peabody Energy, Exxon and Chevron all had big losses.

Materials fell the most among the 10 industry groups in the Standard & Poor's 500 index. Aluminum producer Alcoa Inc. fell 2.3 percent. The only stock in the Dow Jones industrial average that lost more was heavy equipment maker Caterpillar Inc., which dropped 3.5 percent.

The Dow closed down 72 points at 13,126. The S&P 500 fell 7 to 1,405. The Nasdaq composite index dropped 15 to 3,105.

About five stocks rose for every three that fell on the New York Stock Exchange. Volume was lighter than average at 3.84 billion shares.


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