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Crude Oil Tumbles by More Than $9

Bloomberg

 

 

U.S. Stocks Pare Retreat as Crude Oil Tumbles by More Than $9 

By Elizabeth Stanton

July 15 (Bloomberg) — U.S. stocks rebounded as oil prices tumbled.

The Standard & Poor’s 500 Index pared its retreat to 0.9 percent after earlier dropping as much as 2.3 percent. Crude oil fell more than $9 a barrel, its first drop in a week, on concern that a slower economy will curtail demand.

The S&P 500 lost 11.83 points to 1,216.47 at 11:14 a.m. in New York. The Dow Jones Industrial Averageretreated 80.52 to 10,974.67. The Nasdaq Composite Index decreased 5.51, or 0.3 percent, to 2,207.36.

More than $13 trillion has been wiped off the value of global equities since October as $416 billion in credit-related losses prolonged the global economy’s slump and rising commodity prices stoke inflation. Among the 23 industrialized nations in the MSCI World Index, only Canada has averted a bear market.

Financial, telephone and consumer shares led the S&P 500’s 18 percent retreat this year even as the Fed slashed its benchmark interest rate seven times since September to bolster debt markets and make borrowing cheaper.

To contact the reporter on this story: Elizabeth Stanton in New York at[email protected].

Last Updated: July 15, 2008 11:15 EDT

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