Energy stocks join the post-Fed selloff
BY CLAUDIA ASSIS
SAN FRANCISCO (MarketWatch) -- Energy stocks fell on Thursday, tracking a broad market slump, as investors reacted negatively to the U.S. Federal Reserve signaling it will scale back its asset purchases.
Fed Chairman Ben Bernanke said Wednesday the central bank may begin to taper later this year if the economy continues to show signs of improvement.
Weak factory activity data from China added to investor worries and led to a selloff in Asian markets as well. China' s manufacturing sector slowed more than expected in June, according to a preliminary HSBC' s monthly survey.
All energy stocks on the S&P 500 Index were in the red. Top decliners included WPX Energy, down 4.1%, and refiner Phillips 66, off 3.8%.
Major oil and gas companies were doing relatively better. Shares of Exxon Mobil receded 1%, while rival Chevron shares fell 1.4%. Shares of Conoco Phillips were down 1.9%.
Dow Jones Newswires