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US: Weak oil equities lead US stocks lower

Friday, March 13, 2015 - 21:48
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[NEW YORK] US stocks opened lower on Friday, led by weakness in energy equities following a bearish International Energy Agency outlook on the oil market.

Five minutes into trade, the Dow Jones Industrial Average stood 17,811.25, down 83.97 points (0.47 per cent).

The broad-based S&P 500 fell 7.42 (0.36 per cent) to 2,058.53, while the tech-rich Nasdaq Composite Index lost 10.97 (0.22 per cent) at 4,882.33.

Crude prices fell after the IEA warned that a recent rally in the oil market probably would not last. Dow member Chevron fell 1.0 per cent, while oil services giant Halliburton shed 2.0 per cent.

After losing ground in the prior session, the dollar advanced Friday, rising closer to parity with the euro. The surge in the greenback has raised worries about US exports.

AFP