Stocks fall as tech retreats; price of oil hits 7-year high

Published October 4, 2021 3:53 PM

By DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

Stocks closed lower Monday as big technology companies such as Apple and Microsoft take losses. The S&P 500 fell 1.3% while the tech-heavy Nasdaq dropped 2.1%. Meanwhile, the price of U.S. oil rose to $77.62 per barrel, the highest close since 2014. OPEC and allied oil producers stuck to a plan for cautious production increases even as global demand for crude rises. Higher energy prices helped oil companies gain ground. Tesla rose 0.8% after the electric vehicle maker reported surprisingly good third-quarter deliveries. The yield on the 10-year Treasury note rose to 1.49% from 1.47% Friday.

Article Topic Follows: AP National Business

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