Stocks slip as crude oil plunges more than 5%
The S&P and Dow slipped for a third straight day, weighed by energy stocks as U.S. crude oil futures plunged more than 5%.
WTI crude fell 5.4% to settle at $50.28/bbl for its worst one-day showing in more than a year, and Brent crude sank 5% to $53.11, after data from the EIA showed inventories rose by 8.2M barrels for its ninth straight weekly increase.
The energy sector (-2.5%) was the biggest drag on the leaderboard, but rate-sensitive utilities (-1.5%) and real estate (-1.5%) also fell sharply amid an increase in interest rates following a much better than expected ADP employment report.
U.S. Treasury prices finished lower, with the benchmark 10-year yield closing 4 bps higher at 2.55%.