June 20 New York

The DJIA fell by 61.85 points to 21467.14 while the S&P 500 Index declined by 16.43 points to 2437.03.  The Nasdaq Composite Index fell by 50.982 points to 6188.031 while the Nasdaq 100 Index lost by 45.912 points to 5726.311.  U.S. stocks fell the most in a month, retreating from all-time highs as crude oil slid into a bare market on concern the global supply glut will persist.  China’s yuan got a small bump after MSCI Inc. added the nation’s domestic stocks to its emerging-markets index.  The S&P 500 Index lost 0.67 percent for its biggest decline since May 17 as energy producers and companies whose profits are most linked to economic growth,including makers of non-essential consumer goods and industrial producers, led declines.  The dollar weakened against the yen by 0.08 closing at 111.45.  The yield on 10 – year Treasuries fell three basis points to 2.16 percent, after rising about four basis points Monday.  The yield curve flattened amid demand for longer-dated maturities.  TheDJIA dropped 0.29 percent after it ended Monday at a record while the Nasdaq Composite Index declined 0.82 percent. The MSCI decision will add 222 China A-shares stocks starting in May 2018.  China’s $6.8 trillion onshore market is the world’s second largest and accounts for 9 percent of global stock value.  Stocks in the U.S. faltered as the weakness in crude and other commodities though arguments from U.S. central bankers that weak inflation rates will be transitory, even as the economy shows few signs of distress and haven assets have nor been in demand.  Stocks had barreled to fresh highs after Fed’s interest rate hikes last week over a series of geopolitical concerns having faded, though formal negotiations over Britain’s exit from the European Union began somewhat contentiously.  WTI crude futures fell more than 20 percent from its highest close this year.  It was down more than 2 percent Tuesday to settle at $43.23 a barrel, the lowest since August. More accurately, Libya is pumping 890000 barrels a day, the most crude in four years.  The EL-Sharara field (capacity 270000 barrels a day) is operating at almost full production, while the Wintershall field (capacity 160000 barrels a day) has resumed production.  Last October, Libya was pumping out just 530000 barrels a day, and this time last week, production had recovered to 830000 barrels a day.  The Libyan National Oil Corporation (NOC) aims to increase production in three stages, to 1.32 million barrels a day by the end of 2017, to 1.5 million barrels a day by the end of 2018 and to 2.2 million barrels a day by early 2023.  The state-owned entity is aiming to raise production to 1.0 million barrels a day this July.  The S&P 500 Energy Index declined as much as 2.3 percent, closing at 1.25 percent lower, 479.55.  Hess Corp. slumped as much as 6.8 percent while Exxon Mobil Corp. slipped as much as 1.6 percent.  Royal Dutch Shell Plc and BP Plc both fell more than 2 percent.  Another factor feeding trader against is a rise in the number of drilled-but-uncompleted wells in U.S. oilfields.  At the end of May, there were 5946 wells in this category, the most in at least three years, according to estimates by the EIA.  In the last month alone, explorers drilled 125 more wells in the Permian Basin than they would open, meaning production could surge when they turn on the spigots.