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Oil Prices Pressure S&P Downward to Start Week

The S&P 500 slumped on Tuesday to kick off the first trading day of a holiday-shortened week, weighed by a jump in crude oil prices.

The Dow Jones Industrials trudged 50.02 points to reach noon EDT at 34,787.69.

The S&P 500 index declined 7.73 points to 4,508.07.

The NASDAQ index dipped 10.09 points to 14,021.73

The news lifted energy stocks, with the S&P 500 sector last up about 1.5%. Shares of Halliburton, Occidental Petroleum and EOG Resources added more than 2% each. The uptick pressured airline and cruise stocks, with American Airlines, United Airlines, Delta Air Lines and Carnival last down about 2% each.

Over the extended holiday weekend, Goldman Sachs cut its recession odds to 15% and said it anticipates the Federal Reserve skipping a rate hike at its policy meeting later this month.

While this could be seen as good news for the market, investors have to contend with September’s seasonal effects, which historically marks the weakest month for equities.

Prices for the 10-year Treasury sagged, raising yields to 4.25% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.

Oil prices climbed $2.29 to $87.09 U.S. a barrel.

Gold prices flopped $15.30 to $1,951.80 U.S. an ounce.

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