Energy shares drag Wall St - New York Report

US SHARES fell yesterday, led by a decline in energy stocks as oil prices tumbled about five per cent and concern grew ahead of corporate earnings season.

Oil prices continued their downward march and weighed on equities. Brent was down more than five per cent to $47.43 and US crude down 4.7 per cent at $46.07, as Goldman Sachs slashed its short-term price forecasts and Gulf producers showed no signs of curbing output.

The S&P energy index, the day’s worst-performing S&P 500 sector, was down 2.8 per cent.

Tiffany & Co shares slumped by 14 per cent, after the upscale jeweller cut its full-year profit forecast, citing a disappointing Christmas sales.

The Dow Jones fell 96.53 points, or 0.54 per cent, to 17,640.84, the S&P 500 lost 16.55 points, or 0.81 per cent, to 2,028.26 and the Nasdaq Composite dropped 0.84 per cent.