Energy stocks drag Wall Street lower

08:26, June 10, 2010      

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Energy stocks dragged down Wall Street on Wednesday as shares of BP fell to a 14-year low.

Wall Street rose in the morning as Federal Reserve Chairman Ben Bernanke reiterated that the U.S. growth is being sustained by gains in private final demand.

Bernanke said in his testimony before Congress that the impact of the European debt crisis on U.S. growth is "likely to be modest " if financial markets "continue to stabilize," and the central bank will act as needed to ensure stability and continued economic recovery.

In its latest Beige Book report published Wednesday, the Federal Reserve said the U.S. economy recovery remains tepid but on track, with the jobs market improving amid "modest" growth.

"Economic activity continued to improve since the last report across all twelve Federal Reserve districts, although many districts described the pace of growth as modest," the report said.

However, all major indexes were traded lower in late sessions as shares of BP plunged 15 percent, or 5.48 U.S. dollars, due to political pressure on the company over its handling of the oil spill.

BP has given up more than half its market value since the explosion that triggered the spill in late April.

The Dow Jones industrial average fell 40.73 points, or 0.41 percent, to 9,899.25. The Standard & Poor's 500 index lost 6.35 points, or 0.60 percent, to 1,055.65. The Nasdaq Composite index slipped 11.72 points, or 0.54 percent, to 2,158.85.



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