The S&P 500 and the Dow Jones Industrial Average dipped on Wednesday as energy stocks suffered their worst drop in nearly six months. The energy sector, slumped 2.5 percent for its biggest decline since mid-September. Oil prices tumbled more than 5 percent in the wake of a much stronger-than-expected rise in US inventories. "Good news had certainly been out there in terms of production cuts," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York. "Now you see, especially on the US side, inventory builds and shale producers making some good money at these levels so production comes back online."
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