Energy companies push stocks lower

Associated Press

NEW YORK

U.S. stocks took small losses Wednesday as energy companies fell with the price of oil, and chemical and materials companies traded lower. That pulled the market lower for August, ending a five-month winning streak for stocks. The losses were very small, though, as this proved to be one of the quietest months in recent history for stocks.

Stocks traded lower all day and fell for the fifth time in the past six days. The price of oil dropped more than 3 percent after the U.S. government said crude-oil stockpiles grew more than expected last week, while gasoline stockpiles didn’t shrink as much as investors hoped.

The dollar gained some strength, which sent commodity prices lower, as expectations grew that the Federal Reserve could raise interest rates from their ultra-low levels as early as next month.