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Oil tumbles to 7-year low

Monday, December 07, 2015 - 01:10

Wall Street took a step back from recent gain as energy stocks dragged down the markets. Bobbi Rebell reports.

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Energy stocks cut into last week's big gains on Wall Street. Chevon and ExxonMobil were the biggest drags on the Dow and S&P 500. A drop in crude oil prices to their lowest level in nearly seven years also slammed CONSOL Energy and Chesapeake Energy. S&P U.S. equity strategist Sam Stovall says energy will have a less of a negative impact on corporate earnings next year. SOUNDBITE: SAM STOVALL, U.S. EQUITY STRATEGIST, S&P CAPITAL IQ (ENGLISH) SAYING: "It's not as if earnings are going to explode upward, but that drag from energy will finally abate." The day's top gainer on the S&P: Keurig Green Mountain. The maker of those K-Cup coffee pods is being bought by a German investor group for about $14 billion. Chipotle shares dropped. Cowen and Guggenheim Securities downgraded the stock after the burrito chain warned sales could plunge as much as 11 percent amid the E. coli outbreak at some of its stores. Shares of Office Depot and Staples dropping. The FTC is expected to decide the fate of Staple's $6.3 billion takeover deal on Tuesday. European shares notched weak gains led by consumer and healthcare stocks. But the FTSE 100 finished lower.

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Oil tumbles to 7-year low

Monday, December 07, 2015 - 01:10