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Stocks fall despite crude rally

Monday, February 29, 2016 - 01:22

Wall Street gave back earlier gains on the last trading day of the month even though oil prices rallied. Fred Katayama reports.

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Wall Street fell on the last trading day of the month. Investors were still concerned about China after Beijing cut the amount of cash its banks have to hold on reserve. It was the fifth cut this year. Steve Dudash of IHT Wealth Management SOUNDBITE: STEVE DUDASH, PRESIDENT, IHT WEALTH MANAGEMENT (ENGLISH) SAYING: "China is a big deal. They are the second biggest economy in the world right now so everything they do factors in, and they are also the biggest unknown out there. " Crude prices rose sharply after Saudi Arabia said it would work with other producers to limit oil price volatility. Federal Mogul shares soaring after Carl Icahn's Icahn Enterprises offered to buy the 18 percent of the auto parts maker's shares it does not already own. Amazon moving into the UK grocery market, signing a deal to sell fresh and frozen products through Morrison's supermarkets, the fourth largest grocery chain there. Valeant stock sank. The Canadian drugmaker delayed its results, saying its CEO is returning from medical leave. Lumber Liquidators shares dropped after sales fell more than expected for the third quarter in a row. U.S. pending home sales hit a one-year low in January according to the National Association of Realtors. The likely culprits? A shortage of properties for sale and harsh weather. A new Reuters poll showed global investors dumped stocks in February. Allocations hit their lowest level in at least five years. Shares in Europe closed mixed. There was disappointment the G20 meeting failed to result in any new measures to boost growth.

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Stocks fall despite crude rally

Monday, February 29, 2016 - 01:22