Oil shares drag down Wall Street

Wall Street’s main share indexes fell on Wednesday, dragged down by weaker US oil stocks.

Exxon Mobil fell 1.8% and Chevron lost 2% after crude oil fell by $5 a barrel, on worries over the outlook for the US economy, the world’s biggest oil user.

But bank shares were higher, lifted by better-than-expected results from investment bank Morgan Stanley.

The Dow Jones closed down 2.4% or 294.8 points at 12,097.9 while the Nasdaq fell 2.6% to 2,210.1.

BBC