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Home / Business / Stocks are slipping as the oil rises to its biggest gain in 11 years

Stocks are slipping as the oil rises to its biggest gain in 11 years



Stocks fell on Monday after a drone attack on a Saudi Arabian oil field this weekend knocked half of the kingdom's production offline, sending oil prices rising the strongest in 11 years.

All three of the major averages had losses of at least 0.28 percent. The Dow Jones industrial average was the biggest fall, losing 0.54 percent or 146 points while snapping its eight-day winning streak.

Ticker Security Last Change % Chg
In: DJI DOW JONES AVERAGES 27076.82 -1
42.70
-0.52%
SP500 S&P 500 2997.9 -9.49 -0.32%] I: COMP NASDAQ COMPOSITE INDEX 8153.139303 -23.57 -0.29 %

Airlines, including American Airlines, Delta Air Lines and Southwest Airlines, were all lower as a result of rising oil prices.

Ticker Security Last Change % Chg
AAL AMERICAN AIRLINES GROUP INC. 27.75 -2.21 -7.36%
DAL DELTA AIR LINES INC. 59.01 -1.00 -1.67%
LUV SOUTHWEST AIRLINES CO. 55.79 0.00 [19659043] 0.00% [19659023] ExxonMobil, Chevron and other energy names obtained in the news.

Ticker Security Last Change % Chg
XOM EXXON MOBILE CORPORATION 73.72 [19659042] +1.08 + 1.49%
CVX CHEVRON CORP. 124.07 +2.57 + 2.12%

Elsewhere, General Motors fell when United Auto Workers went on strike for the first time in 12 years after the two sides failed to sign a new contract. The talks will continue on Monday.

Ticker Security Last Change % Chg
GM GENERAL MOTORS COMPANY 37.19 -1.68 [19659012] -4.31%

Both West Texas Intermediate Crude Oil and Brent Crude Oil gained as much as 14 percent, hitting highs of $ 62.53 and $ 68.65, respectively.

The attack on the Saudi Aramco plant stopped production of 5.7 million barrels of crude per day, more than half of Saudi Arabia's global daily exports. It is also more than 5 percent of the world's daily crude oil production.

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The increased geopolitical risk triggered a flight to safety in precious metals and US Treasurys.

Gold was up 0.72 percent, or $ 10.80, to $ 1,510.30 per ounce.

Purchases of the US Treasury pushed the 10-year return more than 6 basis points to 1.839 percent.

CLICK HERE TO READ MORE ON FOX BUSINESS [19659002] FOX Business & Ken Martin contributed to this report.


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