US Stocks Fall Amid Global-Growth Concerns

on November 04, 2014 at 1:05 PM

Markets Rise On Economic Data

U.S. stocks declined on Tuesday, a day after benchmarks rose to records, as the price of oil slid to a three-year low, intensifying concerns about a slowing global economy.

“There are three things we’re struggling with today: a lower assessment of the European economy, it’s down from where they were six months ago; the sufficiently lower price in oil, and whether it’s a supply issue or is it speaking to global demand, and then we’re in a wait-and-see mode as we look at polling results, we may not even know tomorrow with certain key elections,” said Art Hogan, chief market strategist at Wunderlich Securities.

Brent crude fell to a more than four-year low near $82 a barrel after Saudi Arabia lowered the price of oil exported to the United States, while increasing the cost to Asia and Europe.

The European Commission reduced its estimates for euro-zone growth, projecting the 18-nation region’s gross domestic product would climb by 0.8 percent in 2014 and 1.1 percent next year, a decline from estimates of 1.2 and 1.7 percent.

In midterm congressional elections being held across the nation, Republicans were expected to increase their numbers in the House and Senate, although whether the GOP garners enough seats to take control of the latter body was viewed as too close to call.

Read the remainder of this article on CNBC’s website.