Stock Market Today: September 16, 2019
William G. Ferguson and John E. Seibert III | 09/16/2019
The futures markets were in the red this morning, as a swift increase in the price of oil occurred due to an attack on Saudi Arabian production. Around 19 strikes at two facilities have eliminated about 5.7 million barrels of oil per day from the global market, or roughly 5% of worldwide oil production. The price of oil was up as much as 20% at one point in the overnight session, while the stock market fell with that development. However, both these moves had reversed some by the time the opening bell rang. The Dow Jones Industrial Average was down around 125 points in the first few moments of trading, while the other indices were lower in tandem. The markets then traded sideways for much of the day, making little progress in either direction. Overall, the Dow snapped an 8-day winning streak and closed down 143 points, the S&P 500 was lower by nine points, and the NASDAQ fell 23 points.