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US mkts slip on higher oil price
Published on Wed, Apr 23 at 09:53 , Updated at Wed, Apr 23 at 11:29
Source : moneycontrol.com
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CNBC's Melissa Lee: Stocks sank as oil prices topped USD 119/bbl and the dollar tumbled, the Dow falling 104 points, closed at 12720, and the NASDAQ tumbling 31 points, closing the session at 2376. Airlines at the meantime are the weaker sectors on the back of crude gains, and bad news out of UAL (United Air Lines) loosing a 3rd of its value or 37% today, after posting a USD 537 million quarterly loss even as revenue rose 7.7%, it is planning to cut 1100 jobs and further trim US capacity. Amongst the great spots for stocks, AT & T, it did post earnings in line with expectations, a 22% increase in 1st quarter net income; it saw strong growth in wireless, off setting weakness in its wire lined business. |
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