|
|
Article: Drop in energy use upends early advance in stocks
- Article from:
- AP Online
- Article date:
- November 12, 2009
- Author:
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
|
A drop in energy stocks dragged the market lower Thursday following a government report that consumers and businesses cut back on their use of oil and gas.
A jump in petroleum supplies last week stirred worries that the falling demand for energy was a sign of more weakness in the economy. The report pushed the price of crude oil below $77 a barrel.
The resulting slide in energy shares erased early gains from technology stocks, which rose after 3Com Corp. agreed to a $2.7 billion takeover by Hewlett-Packard Co. and as Intel Corp. said it would pay $1.25 billion to Advanced Micro Devices Inc. to settle legal disputes.
The poor report on energy usage overshadowed other news ...