Oil slide pulls Wall Street Back from Record levels

Wall Street retreated from record levels on Wednesday after a drop in oil prices pressured energy stocks, while shares of Walt Disney surged on its results and an acquisition. A rally since late June has pushed the S&P 500 up more than 6 percent in 2016 as low interest rates encourage investors to buy US equities, although high valuations are of concern to many. 

 

The energy index fell 1.41 percent, hurt by a drop in oil prices after the US government reported a surprise crude stockpile build. Exxon Mobil lost 1.75 percent and was the biggest drag on the S&P 500 and the Dow. 

 

"Once we saw inventories this morning, that certainly moved energy far lower and dragged almost everything else down," said Tim Dreiling, regional investment director for The Private Client Reserve of US Bank. "To grind higher, we do need to see earnings improvement, and that's only going to come from economic improvement," Dreiling said. 

 

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