Wall Street closes lower on decline in oil prices

Wall Street closes lower on decline in oil prices

Indexes retreat from record highs

By Ovunc Kutlu

NEW YORK (AA) - Falling crude oil prices helped push Wall Street lower Thursday.

The Dow lost 112 points to end the day at 21,002 and the S&P fell 14 points to 2,381.

The Nasdaq lost 42 points to close at 5,861.

After reaching record highs Wednesday in the wake of a pro-business speech by President Donald Trump the day before, indexes surrendered some of their gains as the likelihood increased the Federal Reserve would raise interest rates later this month.

A number of Fed officials have recently made statements that a rate hike would come soon.

That caused the dollar to gain against other currencies, and oil prices declined.

At the final bell, American benchmark West Texas Intermediate was trading at $52.66 — a 2.2 percent decline, while Brent crude was down 2.3 percent to $55.13.

Investors will closely monitor a speech by Fed Chair Janet Yellen on Friday.

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