NEW YORK (AP) – Stock prices were down Monday at noon on the New York Stock Exchange, as the momentum of the previous week between the drop in oil prices vanished.
Crude prices are falling amid fears that storage facilities are filling up.
The S&P 500 Index started Monday with a 1.6% drop but at noon it was down just 0.3%.
The Dow Jones industrial average was also down, but the tech Nasdaq was up slightly. Good results from Netflix and other home entertainment companies helped offset losses from other sectors.
US crude for June delivery fell 12.9% to $ 21.69 a barrel. Oil for delivery in May suffered an even bigger collapse, from 42.4% to just $ 10.53.
Brent crude, the international standard, was losing $ 1.78 to settle at $ 26.30 a barrel.
The Dow Jones industrial average fell 163 units (0.7%) to 24,078 although earlier in the day it lost 507. The Nasdaq fell first but then rose 0.3%.
On Tokyo, the Japanese Nikkei 225 index was down 1.1% after Japan reported that its exports contracted by almost 12% in March compared to the same month the year before.
Hong Kong’s Hang Seng Index was down 0.2% and Korea’s Kospi was down 0.8%.
In Europe, the German DAX rose 0.2%, the French CAC 40 gained 0.4% and the British FTSE 100 advanced 0.3%.
The yield on 10-year US Treasury bonds fell from 0.65% to 0.63%.