Energy Stocks Pull Markets Lower on Chesapeake Bankruptcy Fears
The stock market has been going like gangbusters lately, but Tuesday morning brought most of the good times to a close, at least briefly. Technology stocks got a small bump to buck the overall trend, but investors generally seemed to need a rest after the furious pace of the market's advance over the past couple of months. As of just after 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 207 points to 27,366, and the S&P 500 (SNPINDEX: ^GSPC) had fallen 23 points to 3,209. However, the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 9 points to 9,934.
Yesterday, energy stocks were the heroes of the market, climbing on hopes that a return to more normal conditions might finally spell relief for some of the hardest-hit oil exploration and production companies in the industry. However, today's news brought a more somber tone to the oil and gas market. As it turns out, Chesapeake Energy (NYSE: CHK) -- which saw such huge gains on Monday -- might be running out of time, and that's led to a trading halt and new worries about a possible imminent bankruptcy filing.
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Source Fool.com
