Energy shares pull US stocks lower

NEW YORK: Falling energy and commodity shares pulled US markets lower on Wednesday amid more growth concerns and talk of strategic oil stocks releases by Western powers.

The Dow Jones Industrial Average closed down 71.52 points (0.54 percent) at 13,126.21.

The broad-based SandP 500 lost 6.98 points (0.49 percent) to 1,405.54, while the tech-centric Nasdaq gave up 15.39 points (0.49 percent) to 3,104.96.

Energy shares led the fall, the broad sector losing 1.3 percent, as oil prices dropped on signs of weak US consumption and France's comments that it might release some of its strategic oil stocks to help moderate the market, following reports that the US and Britain were weighing the same move.

"News that weekly (US) inventories had a build of 7.1 million barrels when a build of 2.7 million barrels was anticipated did not move crude significantly, although it did reflect concerns about demand," said Briefing.com.

Occidental Petroleum lost 3.6 percent, and Chevron and ConocoPhillips both dropped 1.1 percent. ExxonMobil gave up 0.9 percent.

Commodity shares dropped, with gold miners leading the way after gold prices slipped 1.3 percent.

Copper and gold miner Freeport-McMoran was down 3.6 percent, Alcoa lost 2.3 percent and Newmont mining dropped 1.9 percent.

Shares of Tyco International and Pentair rose after the two said Pentair would merge with Tyco's flow controls division under the Pentair name.

Tyco, which will own 52.5 percent of the combined company, gained 4.3 percent while Pentair, holding the rest of the new business, was up 15.1 percent.

Medco shares jumped 3.2 percent after saying pharmacy-benefit manager Express Scripts' $29 billion deal to take it over might close next week.

Express Scripts shares rose 1.3 percent.

Amazon lost 2.1 percent after enjoying a strong surge over the past two weeks. -- AFP