NEW YORK - US STOCKS slid on Monday as oil prices surged in volatile trade in response to the Israel-Hamas conflict, with sentiment dampened by Dow Chemical's loss of a major deal with Kuwait.
The Dow Jones Industrial Average fell 34.41 points (0.40 per cent) to 8,481.14 at the market close and the tech-rich Nasdaq dropped 19.92 points (1.30 per cent) to 1,510.32.
The broad-market Standard & Poor's 500 declined 3.77 points (0.43 per cent) to 869.03, according to preliminary closing figures.
Among stocks in focus, US chemicals giant Dow Chemical was under pressure after Kuwait scrapped a US$17.4 billion (S$25.16 billion) deal to create a petrochemicals joint venture.
Analysts said the pullout, announced Sunday by the Kuwaiti government, could jeopardize financing of Dow's agreed US$18.8 billion acquisition of Rohm and Haas, a US specialty materials firm.
The collapse of the deal appeared to remind investors about the dire economic outlook amid recession in the major advanced economies. -- AFP
