US stocks grappled with losses on Wednesday as a drop in oil prices for the fourth straight day pulled down energy stocks amid worries over delay in corporate tax cut. The US government reported an unexpected rise in crude oil and gasoline stocks, pushing further down oil prices that have been reeling under gloomy global demand outlook. Exxon fell about 1 percent, Schlumberger 1.9 percent and Halliburton 2.7 percent, dragging down the S&P energy index.
Metal prices also slid as data from China stoked fears of a slowdown in the world's top commodities consumer. "The market often goes through a bit of a 'what's next' in terms of a catalyst. Some of it's just natural pullback from what has been an extraordinary year," said Dave Donabedian, chief investment officer of CIBC Atlantic Trust Private Wealth Management.
At 12:30 pm ET (1630 GMT), the Dow Jones Industrial Average was down 94.85 points, or 0.41 percent, at 23,314.62, the S&P 500 was down 9.29 points, or 0.36 percent, at 2,569.58 and the Nasdaq Composite was down 23.56 points, or 0.35 percent, at 6,714.32. All three indexes were on track to post their biggest intra-day percentage losses since November 9. The CBOE Volatility index, a widely followed measure of market anxiety, hit a more than 2-month high at 14.51.
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