Stocks have dropped in both of the past two sessions. The Dow stands at 11,348 after a loss of 130 points, the S&P fell nearly 12 and the Nasdaq dropped 32 points.
Traders are awaiting today's release of weekly figures on fuel supplies. Analysts expect the Energy Department to report crude inventories rose by 1.7 million barrels last week. Light, sweet crude for September delivery rose $1.66 to settle at $114.53 on the New York Mercantile Exchange.
Oil prices rose slightly in Asia on Wednesday to near $115 a barrel as investors awaited a weekly crude inventory report. The U.S. Energy Department's Energy Information Administration petroleum supply report was expected to show that gasoline inventories fell by 3 million barrels. That's according to the average of analysts' estimates in a survey by energy information provider Platts.
Politicians and energy experts have gathered in Las Vegas for the National Clean Energy Summit. They're hoping to come up with a national energy agenda to take to the upcoming Democratic and Republican national conventions. Representatives of Google and General Electric told the conference yesterday that renewable energy would be possible if it were cheaper.
Small SUVs are getting some good safety grades. The Insurance Institute for Highway Safety says of eight small SUVs tested, four got its top safety pick rating after front, side and rear crash tests. They are the 2009 Ford Escape, the 2008 Mitsubishi Outlander, the 2008 Nissan Rogue and the 2009 Volkswagen Tiguan. It says for the first time, all eight were equipped with electronic stability control as standard equipment.
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