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US stocks slide on greater global instability while consumer confidence drops; oil climbs


NEW YORK — U.S. stocks are skidding Tuesday morning on domestic and international concerns, adding to their losses from the day before. The price of oil jumped as traders worried that Turkey's downing of a Russian fighter plane could lead to worsening tensions in the Middle East.

KEEPING SCORE: The Dow Jones industrial average lost 98 points, or 0.6 percent, to 17,694 as of 10:55 a.m. Eastern time. The Standard & Poor's 500 index gave up 15 points, or 0.7 percent, to 2,071. The Nasdaq composite fell 47 points, or 0.9 percent, to 5,055.

INSTABILITY: Turkey shot down a Russian warplane and said it had violated Turkish airspace and ignored repeated warnings. Russia denied the plane crossed Syria's border into Turkey. NATO, of which Turkey is a member, will hold an emergency meeting later.

WORRIED CONSUMERS: Consumer confidence plunged in November as Americans became more worried about the state of the job market. The Conference Board says its confidence index fell to 90.4, a big drop from October and far lower than analysts expected. That came in spite of a big rebound in hiring in October, which suggested the economy will keep growing.

Consumer discretionary stocks slipped following the report. E-commerce giant Amazon fell $13.99, or 2.1 percent, to $665 while Netflix lost $4.09, or 3.3 percent, to $102.94.

ENERGIZED: U.S. crude climbed 81 cents, or 1.9 percent, to $42.57 a barrel in New York. Last week U.S. oil fell to its lowest price in about three months. Brent crude, a benchmark for international oils, added 87 cents, or 1.9 percent, to $45.70 a barrel in London.

OIL EFFECTS: Energy stocks rose. Marathon Oil climbed 65 cents, or 3.7 percent, to $18.18 and Murphy Oil edged up 75 cents, or 2.6 percent, to $29.24. Airlines fell on the prospect that fuel will cost more. United lost $2.20, or 3.8 percent, to $56.36 and Southwest dropped $1.88, or 4 percent, to $45.59.

PHOTO: Traders John Elliott, left, and Frank O'Connell work on the floor of the New York Stock Exchange, Tuesday, Nov. 24, 2015. Stocks are opening modestly lower, following declines in Europe. (AP Photo/Richard Drew)
Traders John Elliott, left, and Frank O'Connell work on the floor of the New York Stock Exchange, Tuesday, Nov. 24, 2015. Stocks are opening modestly lower, following declines in Europe. (AP Photo/Richard Drew)

STAYCATIONS: The reports were a one-two punch for travel stocks. An increase in oil prices would leave people with less money to spend on travel and the drop in consumer confidence suggests people might not feel comfortable spending money on big vacations.

Travel booking site Priceline sank $51.02, or 4 percent, to $1,213.30 and competitor Expedia shed $4.28, or 3.4 percent, to $120.64. Cruise lines also fell. Royal Caribbean lost $3.44, or 3.6 percent, to $91.49 and Carnival gave up $1.59, or 3.1 percent, to $49.80.

EARNINGS: Quarterly reports continued to roll in. Discount retailer Dollar Tree rose despite mixed third-quarter results. Its sales were stronger than expected, and the stock gained $3.17, or 4.6 percent, to $72.72.

Jewelry company Signet, the owner of brands including Kay Jewelers, Jared and Zale, reported lower than expected profit and revenue. Its stock dropped $6.16, or 4.4 percent, to $134.49. Dental products maker Patterson fell $2.80, or 5.8 percent, to $45.83.

Food makers Campbell Soup and Hormel both rose after releasing their results. Campbell Soup shares picked up $1.39, or 2.8 percent, to $51.18 and Hormel added $1.02, or 1.5 percent, to $70.28.

OVERSEAS: European stock markets slid as geopolitical tensions rose. France's CAC 40 was down 1.8 percent while the FTSE 100 index of leading British shares fell 1 percent. Germany's DAX was 1.1 percent lower.

CURRENCIES AND BONDS: The euro inched up to $1.0639 from $1.0625. The dollar fell to 122.44 yen from 122.85 yen. Bond prices rose. The yield on the 10-year Treasury note slipped to 2.23 percent from 2.24 percent.


Marley Jay can be reached at http://twitter.com/MarleyJayAP. His work can be found at http://bigstory.ap.org/journalist/marley-jay.

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