US Stocks Follow Europe Markets Lower
US Stocks Follow Europe Markets Lower
NEW YORK (AP) -- Stocks are slipping Tuesday morning, adding to their losses from Monday. The price of oil jumped as traders worried that Turkey's downing of a Russian fighter plane could lead to worsening tensions in the Middle East.
KEEPING SCORE: The Dow Jones industrial average lost 50 points, or 0.3 percent, to 17,742 as of 10 a.m. Eastern time. The Standard & Poor's 500 index gave up eight points, or 0.4 percent, to 2,078. The Nasdaq composite fell 22 points, or 0.4 percent, to 5,078.
INSTABILITY: Turkey shot down a Russian warplane and said it had violated Turkish airspace and ignored repeated warnings. Russia denied the plane crossed Syria's border into Turkey. NATO, of which Turkey is a member, will hold an emergency meeting later.
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ENERGIZED: U.S. crude climbed $1.65, or 4 percent, to $43.40 a barrel in New York. That would be its biggest gain in about four weeks. Brent crude, a benchmark for international oils, added $1.54, or 3.4 percent, to $46.37 a barrel in London.
OIL EFFECTS: Energy stocks rose. Chesapeake Energy gained 24 cents, or 4.6 percent, to $5.38 and Marathon Oil rose 66 cents, or 3.8 percent, to $18.19. Airlines fell on the prospect that fuel will cost more. United lost $1.54, or 2.6 percent, to $57.02 and Delta declined $1, or 2.1 percent, to $47.74.
EARNINGS: Quarterly reports continued to roll in. Discount retailer Dollar Tree rose despite mixed third-quarter results. Its sales were stronger than expected, and the stock gained $3.62, or 5.2 percent, to $73.17.
Jewelry company Signet, the owner of brands including Kay Jewelers, Jared and Zale, reported lower than expected profit and revenue. Its stock dropped $6.90, or 4.9 percent, to $133.75.
Food makers Campbell Soup and Hormel both rose after releasing their results. Campbell Soup shares picked up $1.51, or 3 percent, to $51.29 and Hormel added $1.90, or 2.7 percent, to $71.16.
OVERSEAS: European stock markets slid as geopolitical tensions rose. France's CAC 40 was down 1.8 percent while the FTSE 100 index of leading British shares fell 1 percent. Germany's DAX was 1.1 percent lower.
CURRENCIES AND BONDS: The euro inched up to $1.0645 from $1.0625. The dollar fell to 122.58 yen from 122.85 yen. The yield on the 10-year Treasury note held steady at 2.24 percent.
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