Energy stocks pulled U.S. markets down for the second straight day. Fred Katayama reports.
Wall Street fell Wednesday, dragged down by energy stocks for the second straight session. Heavyweights Exxon Mobil, Hess and Halliburton among the decliners. RegentAtlantic research director Andy Kapyrin: SOUNDBITE: ANDY KAPYRIN, DIRECTOR OF RESEARCH, REGENTATLANTIC, (ENGLISH) SAYING: "This is completely normal and frankly, overdue. Stocks are risky. We haven't seen a lot of risk for a number of months. If you look at every month so far this year, we'll have to wait and see about November, but every month this year through October has been an up month. That's not natural." Pulling down energy stocks: Crude prices fell for the fourth straight day. U.S. crude and gas inventories grew unexpectedly last week. Target shares tumbling. The retailer issued a cautious profit outlook for the holiday quarter. Amazon will offer more discounts and deeper price cuts at Whole Foods Market. That pushed down shares of rivals Kroger and Costco. Healthcare costs and rent increases pushed underlying consumer prices up in the U.S. in October. That could clear the way for the Fed to raise interest rates next month. That prospect for higher rates drove financial stocks higher. Separately, strong vehicle demand drove retail sales higher last month. In Europe, a drop in commodity stocks pushed shares to an eight-week low.