Falling oil price and sell offs hit Wall St run - New York Report

US STOCKS erased earlier gains yesterday to close lower as a shooting at the Canadian parliament unnerved investors, Boeing and Biogen Idec sold off following results and energy company shares fell along with oil prices.

The Dow Jones industrial average fell 153.49 points, or 0.92 per cent, to 16,461.32, the S&P 500 lost 14.17 points, or 0.73 per cent, to 1,927.11 and the Nasdaq Composite dropped 36.63 points, or 0.83 per cent, to 4,382.85.

Energy shares were off 1.7 per cent as Brent crude oil fell, settling near $80 per barrel.

Canada’s capital was jolted by the fatal shooting of a soldier and an attack on the parliament building in which gunshots were fired outside a room where Prime Minister Stephen Harper was speaking. Toronto stocks fell 1.6 per cent, also affected by oil’s slide.

Boeing lost 4.5 per cent to $121.91, giving back most of the gains from the four prior sessions. It reported higher-than-expected earnings and lifted its outlook, but analysts raised concern about the costs of the 787 Dreamliner.

Biogen Idec fell 5.4 per cent to $309.07 after sales of its multiple sclerosis drug, Tecfidera, fell short of lofty expectations.

On the upside, Yahoo and Broadcom rallied a day after both tech companies reported better-than-expected revenue.

Broadcom shares climbed 5.5 per cent to $39.37 while Yahoo was up 4.5 per cent at $41.99. The two made up the S&P 500’s top percentage gainers.

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