The S&P energy sector was down 2.2 percent on the day. It is down 16.5 percent this year, the worst performing of 10 S&P sectors.US stocks fell sharply on Friday, leaving the benchmark S&P 500 with its worst weekly performance since May 2012, as investors pulled back from the sharemarket in response to oil’s free-fall and more weak data out of China.

Oil’s declines have underscored concerns about global demand, and with the S&P 500 having hit a record high only last week, investors were loath to fight the downward pressure on stocks, which accelerated in the final minutes of trading. The S&P dropped 3.5 percent on the week after seven straight weeks of gains. The S&P energy sector was down 2.2 percent on the day. It is down 16.5 percent this year, the worst performing of 10 S&P sectors. Dow components Exxon Mobil and Chevron Corp both hit 52-week lows as US crude oil fell below USD 58 a barrel, hitting five-year lows, on expectations of reduced worldwide energy demand.

“Certainly as midday came the market did not stabilize at all, so sellers knew that,” said Kenny Polcari, director of the NYSE floor division at O’Neil Securities in New York. “Energy is at the top of the list in terms of the names getting crushed.” The Dow Jones industrial average fell 315.51 points, or 1.79 percent, to 17,280.83, the S&P 500 lost 33 points, or 1.62 percent, to 2,002.33 and the Nasdaq Composite dropped 54.57 points, or 1.16 percent, to 4,653.60. Disappointing data that suggested China’s economy softened in November pushed the materials sector down 2.9 percent, making it the worst-performing S&P sector on the day. The drop in oil and weakness in China overshadowed strong US consumer sentiment, which hit an eight-year high.

Coustery : – http://www.moneycontrol.com/news/international-markets/oil-slump-leads-wall-street-to-worst-week2-12-years_1251987.html

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