Wall Street flat as oil prices and European data weighs

  • Published

(Close): US markets closed little changed on Monday after falling oil prices and disturbing economic news from Europe dampened sentiment.

German business confidence fell again, and the European Banking Authority said 24 banks out of 123 had failed its "stress test" measuring their ability to withstand another financial crisis.

The Dow Jones inched 0.07% higher to 16,817.9, while the Nasdaq added 0.05% to 4,485.93.

The S&P 500 lost 0.15% to 1,961.63.

Energy companies were the biggest downward drag on the indexes as oil briefly fell below $80 (£49) a barrel after Goldman Sachs slashed its forecasts for crude oil citing slowing demand and oversupply.

Shares in Chevron Corporation and Exxon Mobil both closed 0.8% lower.

On the upside, shares of Gilead Sciences rose 1.7%, a day ahead of third quarter earnings on Tuesday.

And Micron Technology shares jumped 4 percent to $32.30 after it announced a $1bn stock repurchase.