NYSE Composite Index Suffers as Oil Prices Fall
The NYSE Composite index has been falling this week, after closing at 11,073.40 last Friday it had dropped to 10,963.88 on Tuesday. The dip comes after the index rose steadily throughout August from a low of 10,583.79 on August 7th to a high of 11,046.33 on 29th August.
Stocks have been dropping due to energy companies whose shares are suffering due to falling oil prices. For instance, in recent days Callon Petroleum Co. fell 7.6%, Halcon Resources Corp. fell 7.6%, Seabridge Gold Inc. fell 6.2%, Basic Energy ServicesInc. Fell 5.8%, Pioneer Energy Services Corp. fell 5.5% and W&T Offshore Inc. fell 5.8%.
Oil prices dropped after data showed that China’s imports fell unexpectedly which furthered fears about the country’s economy. Furthermore, while oil supplies remain ample prices are likely to keep falling which could see stock prices fall further.