CGI's FrancisDrake: Wall Street's sharpest fall in 2.5 years over oil prices and China...

Market Wrap: Wall Street Has Worst Week in Over 2 Years
Reuters
Dec 12th 2014 4:40PM
APTOPIX Financial Markets Wall Street Richard Drew/AP
By Chuck Mikolajczak and Sinead Carew
NEW YORK — U.S. stocks fell sharply Friday, leaving the benchmark S&P 500 with its worst weekly performance since May 2012, as investors pulled back from the markets in response to oil’s free-fall and more weak data out of China.
Oil’s declines have underscored concerns about global demand, and with the S&P 500 having hit a record high only last week, investors were loath to fight the downward pressure on stocks, which accelerated in the final minutes of trading. The S&P dropped 3.5 percent on the week after seven straight weeks of gains.
The S&P energy sector was down 2.2 percent on the day. It is down 16.5 percent this year, the worst performing of 10 S&P sectors. Dow components Exxon Mobil (XOM) and Chevron (CVX) both hit 52-week lows as U.S. crude oil fell below $58 a barrel, hitting five-year lows, on expectations of reduced worldwide energy demand….
http://www.dailyfinance.com/2014/12/12/market-wrap-wall-street-worst-week-since-2012/