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Drop in oil sends Wall Street sliding

Tuesday, September 13, 2016 - 01:16

U.S. stocks fell sharply on Tuesday, with energy shares slammed by lower oil prices and financials dropping on diminished prospects of a near-term rate hike. Bobbi Rebell reports.

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Stocks fell more than one percent on Tuesday. Oil prices falling and taking energy stocks with them. Financials fell as well as sentiment increases there will not be a rate hike at next week's Federal Reserve meeting. The sell-off was broad, with all ten major S&P 500 sectors in the red, and every Dow Jones industrial average component, but Apple, declining. Ken Kamen of Mercadien Asset Management: (SOUNDBITE) KEN KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT, (ENGLISH) SAYING: "All of a sudden, we start getting all this Fed speak over the last couple of weeks, and, all of a sudden, everyone is on edge. I call it the yeah-boo game. When you were a kid. You know, I got a bottle of beer, yeah. But it's empty, boo. I mean that is what the Fed is doing. You know, each one is coming out. So, we are seeing this market in this manic, manic period now, and, I guess, today, we are seeing the manic side go the other way." Freeport McMoRan tumbled on a deal to sell some Gulf of Mexico assets to Anadarko Petroleum. Some analysts called the $2 billion deal inexpensive. Wells Fargo in the red. The bank may take additional disciplinary action of sales abuses that led to $185 million in penalties and the firing of more than 5,000 employees. European shares extended their losing streak.

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