Stocks fall on signs of slowing economy
Stocks fell sharply Wednesday for the second time this week as investors continued to worry about how much the global economy is slowing.
Commodities such as oil and copper fared even worse than stocks. Government bonds were a big winner as money flowed in from investors seeking safety. That drove prices higher, and the yield on the 10-year Treasury note fell to its low for the year at one point.
Technology, energy and bank stocks led the market lower.
American resumes most of its flights
American Airlines played catch-up Wednesday, resuming most flights and even adding a handful that weren’t on the schedule to help passengers stranded by a massive technology failure that grounded the carrier’s entire U.S. fleet a day earlier.
But some cancellations persisted, and delays still were common. About a third of American’s flights were late as of midafternoon.
American’s CEO attributed Tuesday’s breakdown to a software problem that knocked out computer systems needed for booking flights, tracking bags, loading and fueling planes and more.
Oil slide continues
Oil dived again Wednesday, the latest in a series of declines that has pushed the price down by $10 a barrel over two weeks.
This time, it was an Energy Department report that suggested more drivers are staying home, giving them no reason to fill up their tanks.
That actually works to the benefit of those who are hitting the gas station. The average price of gas has dropped 11 cents since April 1 and could fall further.
Oil dropped $2.04, or 2.3 percent, to close at $86.68 in New York. Brent crude, which is used to price oil used by many U.S. refiners, dropped $2.22, or 2.2 percent, to $97.69, the lowest level since July.