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Oil price slide hits stocks

Thursday, August 13, 2015 - 01:23

Stocks closed flat on Thursday. An intraday rally fizzled on pressure from energy shares as oil prices slid. Bobbi Rebell reports.

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Stocks closing relatively flat after a drop in energy shares. U.S. crude prices sliding to a six-and-a half year low. Earlier in the day, stocks rallied on strong U.S. economic data. The four-week jobless claims average now at its lowest level since 2000. Retail sales rebounded in July thanks to strength in cars, furniture and restaurants. After the closing bell, Nordstrom coming out with an earnings beat. There was strength in women's apparel, including dresses and younger customer-focused departments. Retailer Kohl's though - not a winner. The stock took a hit after same store sales missed forecasts, on weak back to school results. Also getting whacked - Shake Shack. The burger chain's secondary offering priced much lower than the closing price on Wednesday. Samsung introduced two new big-screen Galaxy phones, the Note 5 and the S6 Edge Plus. The company is also launching a mobile payment service, Samsung Pay, in the U.S. next month, with future expansions coming later on. Mobile payments have been slow to catch on- but that could change says Mashable's Lance Ullanoff. SOUNDBITE: LANCE ULLANOFF, EDITOR-AT-LARGE, MASHABLE (ENGLISH) SAYING: "Average consumers right now are still kind of wary of it. They don't entirely understand the security and the technology. Hopefully they will start to learn that because in a way it is a lot simpler." In Europe stocks rebounded after China's central bank moved to slow the yuan's recent decline.

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Oil price slide hits stocks

Thursday, August 13, 2015 - 01:23