Dow drops in volatile session - New York Report

US STOCKS ended lower yesterday in a volatile session as oil prices extended their selloff, adding to worries about weak global demand.

The Dow Jones industrial average fell 99.99 points, or 0.58 per cent, to 17,180.84, the S&P 500 lost 12.7 points, or 0.63 per cent, to 1,989.63 and the Nasdaq Composite dropped 48.44 points, or 1.04 per cent, to 4,605.16.

The S&P 500 ended below its 50-day moving average in a sign of possible further selling.

Utility and financial shares were also among the day’s biggest losers, with shares of JPMorgan Chase down 1.5 per cent at $59.16.

Shares of pet supply retailer PetSmart rose 4.2 per cent to $80.97 after it agreed to be bought by a private equity consortium led by BC Partners for $8.7bn, in the largest leveraged buyout of the year.