US stocks struggle as oil loses ground

By FXStreet The stock markets in US struggle to rise despite upbeat domestic data and rally in the European equities higher as investors remain focused on oil price drop.

At the time of writing, Dow Jones Industrial Average (DJIA) was trading 17 points or 0.10% higher. The S&P 500 was largely flat. Meanwhile, the tech heavy Nasdaq was down 10 points or 0.26%.

Oil and Gas index was down more than 1%. Shares in Chevron were down 1.25%, along with a 0.8% loss in Exxon Mobil shares. Meanwhile, the winning side included names like Nike, United Technologies, Boeing, Wal-Mart Stores.

Investors appear nervous as the oil sector default news is hitting the wires. Two large US energy firms – Energy XXI Ltd and SandRidge Energy Inc – missed interest payments on $7.6 billion in loan.

Oil benchmarks – WTI and Brent – dropped in the US session and currently trade at least 1% lower on the day.
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Source:: FX Street