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S&P 500 worst day since October

Monday, December 08, 2014 - 01:20

Stocks closed loewr after a sell-off in energy shares pushed the SP to its worst percentage loss in more than a month. Bobbi Rebell reports.

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Weak economic data from China and Japan pressured stocks. That offset the Chicago Fed survey's positive view that said U.S. growth will pick up next year. Dragging down the Dow: Mickey Ds and oil stocks. McDonald's just can't beef up its sales. Global sales fell more than expected, and they were down for the sixth straight month. The restaurant chain warned that would hurt profits in the current quarter. Morningstar's R.J. Hottovy: SOUNDBITE: R.J. HOTTOVY, SENIOR ANALYST, MORNINGSTAR (ENGLISH) SAYING: "I think management is on a short leash at this point. I think the market has gotten a little impatient waiting for the turnaround to happen especially when we are seeing a lot of other restaurant chains thrive in this environment." (2:36) Oil stocks Chevron and Exxon Mobil fell. Oil prices dropped further to five-year lows, making energy stocks the worst performing S&P sector today. Falling crude prices led ConocoPhillips to slash its capital budget next year by 20 percent. Cubist's stock jumped higher after Merck said it's buying the antibiotics maker for $8.4 billion, paying a 37 percent premium. Cubist's key drug, Cubicin, treats potentially life-threatening infections caused by drug-resistant bacteria. In Europe, that soft data from Japan and Asia, plus the downgrade of Italy's debt rating, pushed shares lower.

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S&P 500 worst day since October

Monday, December 08, 2014 - 01:20