2.31%C 7.40 5.37%QQQQ 27.81 2.83%
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NEW YORK - Shares of Range Resources Corp. fell sharply Monday as crude and natural gas prices dropped after concerns about Tropical Storm Edouard's effect on Gulf of Mexico operations dissipated.
| RRC | 31.31 |  -7.12 |
The stock fell $6.41, or 13.1 percent, to end at $42.60.
Light, sweet crude for September delivery fell $3.69, or 2.9 percent, to settle at $121.41 a barrel on the New York Mercantile Exchange. Earlier in the day, prices had dropped as much as $5.
Meanwhile, natural gas prices fell 66.3 cents to settle at $8.726 per 1,000 cubic feet on the Nymex.
The sector had initially feared Edouard would disrupt production in the gulf region. Thought Range Resources operates primarily in the Appalachian region and shale areas around the continental U.S., the lack of serious threat from the storm helped bring down prices.
Elsewhere, a Commerce Department report showed consumer spending fell in June due in part to high energy prices.
Shares of Range Resources have gained about 5 percent so far this year.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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