Wall Street extended its losses from the previous week as the sell-off in the Turkish lira continued on Monday, Aug. 13. The Dow Jones Industrial Average slid 0.50% to end at 25,187.70, and the S&P retreated 0.40% to close at 2,821.93.
Meanwhile, master limited partnerships and oil and gas majors dragged the energy sector power. The Alerian MLP Index slumped 2.09% to 284.36 while the S&P 500 Energy Sector was down 1.22% to 547.44.
Among MLPs, Buckeye Partners LP shed 5.40% in above-average trading to close at $35.03; Energy Transfer Partners LP receded 3.61% on heavy volume to settle at $22.16; and Plains All American Pipeline LP tumbled 3.56% in robust trading to finish at $26.30.
Apache Corp. shares dropped 1.09% on light volume to close at $43.69. A subsidiary of the company agreed to divest certain development and exploration assets in the U.K. Central North Sea to Neptune Energy Group.
Williams Cos. Inc. slumped 3.46% in brisk trading to finish at $30.69. The company has completed its merger deal with its master limited partnership Williams Partners LP, which included a $10.49 billion share registration.
Among other oil and gas majors, Exxon Mobil Corp. fell 1.08% in slightly below-average trading to $78.56; ConocoPhillips 1.21% on weak volume to $71.07; and EOG Resources Inc. closed down 1.03% on thin volume to $121.50.
Chesapeake Energy Corp. finished 4.72% lower to $4.44 in weak trading, after agreeing to end a four-year federal class-action battle over natural gas royalties with Pennsylvania leaseholders for $7.75 million.
In the electric utility sector, NRG Energy Inc. dipped 3.82% on below-average volume to $32.50; SCANA Corp. closed down 2.34% on average volume to $37.13; and AES Corp. saw a decrease of 1.33% in light trading to $13.38.
Fitch Ratings downgraded SCANA and its subsidiary South Carolina Electric & Gas Co. based on "the absence of injunctive relief blocking the recently enacted 14.8% electric rate cut."
Despite the selloffs, the S&P 500 Utility Sector eked out a 0.09% increase to close at 268.59.
Market prices and index values are current as of the time of publication and are subject to change.