Energy stocks weighed on the markets Monday as crude oil futures settled at their lowest level in nearly seven years. The decline continued Tuesday with brands in the Materials and Industrials sectors trading lower in the wake of falling oil prices. The lower oil prices also weighed on the global markets. Technology stocks took their turn bringing the markets lower mid-week, while crude oil continued to slip. The U.S. Energy Information Administration said crude-oil inventories fell last week but distillates, which include heating oil and diesel, grew more than expected. On Thursday, the markets reversed course as the Labor Department showed a jump in initial jobless claims. First time claims for unemployment benefits rose by 13,000 to 282,000 last week. Continuing claims increased by 82,000 to 2.243 million in the last week of November. Unfortunately a rally was thwarted on Friday as Energy stocks continued to trade lower. Market action this week marked the weakest Dow and NASDAQ performance in a month and the worst week for the S&P 500 since August.
