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Monday, March 20, 2017       21:18 WIB
US stocks dip on oil retreat, protectionism fears



New York, March 20, 2017 (AFP)
Wall Street stocks dipped early Monday with worries about trade protectionism pressuring global markets, while petroleum-linked equities fell on the latest drop in oil prices.

Dow members ExxonMobil and Chevron were among the equities in retreat as US oil prices slipped further below $50 a barrel on worries about excess supply in the US market.

Analysts also cited uncertainty about a range of US policy debates in Washington and unease after G20 ministers backed away from a long-standing commitment to avoid trade protectionism.

About 20 minutes into trading, the Dow Jones Industrial Average was at 20.911.95, down less than 0.1 percent.

The broad-based S&P 500 lost 0.1 percent at 2,374.95, Nasdaq Composite Index dropped less than 0.1 percent at 5,898.61.

European markets also retreated, a decline attributed to the G20 shift, which followed the Trump administration's stance at a meeting the group's finance ministers and central bank governors in Germany.

"We see a continuation of the gradual rise in protectionism in recent years and for globalization to stall, but we see a major rise in protectionism -- including the risk of trade wars -- as one of the main risks to the global outlook," said Citi analyst Ebrahim Rahbari.

 





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