Wall St Ends Down 5th Session; Oil Prices Fall Further

Source: REUTERS

(Reuters) - U.S. stocks ended lower for a fifth session on Tuesday as data showed slower growth in the U.S. service sector and oil prices fell further.

The S&P 500's losing streak was its longest in about 13 months, but the index ended off the day's lows, having fallen as much as 1.4 percent earlier, at one point breaking below the 2,000 level for the first time since Dec. 17.

Data on Tuesday pointed to slowing growth in the fourth quarter. The pace of expansion in services moderated in December and new orders for manufactured goods fell for a fourth consecutive month in November.

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Among the day's biggest drags, the S&P energy sector fell 1.3 percent as oil prices slid further on mounting worries about a supply glut. U.S. crude settled at $47.93 a barrel, down 4.2 percent on the day. Shares of energy names tumbled, including Southwestern Energy, down 5 percent at $24.71, as brokerages continued to cut price targets.

Read more: http://in.reuters.com/article/2015/01/06/markets-stocks-usa-idINKBN0KF1BE20150106