Energy stocks weigh on Wall Street



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(Close): US stocks ended their worst week of 2014, as plummeting oil prices continued to weigh on energy stocks.

The Dow Jones fell 315.51 points, or 1.79%, to finish at 17,280.83, while the S&P 500 dropped 33 points, or 1.62%, to close 2,002.33.

It was the worst week of 2014 for both indexes.

The tech-heavy Nasdaq index shed 54.57 points, or 1.16%, to end the week at 4,653.60

Energy shares were hit hard as oil prices fell to fresh five-year lows, with Brent crude falling below $63 a barrel and US crude settling below $58 a barrel for the first time since May 2009.

The latest fall in the oil price was triggered by a report from the International Energy Agency, which cut its forecast for oil demand growth next year.

Among energy stocks, Chevron dropped 2.41% and Murphy Oil shares fell 1.62%.

Investors' confidence was also hit by economic data from China, which showed industrial production grew by less than expected in November.

However, shares in Adobe Systems were on the front foot, rising 9% after its fourth quarter results beat expectations. It reported net income of $73.3m, up from $65.3m a year earlier.

Adobe also announced it was buying stock photography company Fotolia for $800m.