Markets fall with oil, may be “opportunity to buy”

Markets fell on Wednesday.

The S&P 500 fell 0.6 percent, the STOXX Europe 600 fell 0.5 percent and the Nikkei 225 plunged 1.6 percent.

Falling oil prices dragged stock markets down. Energy stocks in the S&P 500 fell 1.2 percent as West Texas Intermediate crude fell 0.8 percent after the US Energy Information Administration on Wednesday reported that domestic crude supplies rose by 1.9 million barrels for the week ended 10 November.

Some analysts remain sanguine.

“Any pullback at this stage should be viewed as an opportunity to buy,” said Karyn Cavanaugh, senior market strategist at Voya Financial.

Still, other analysts expect further declines.

“While this is not a reflection of a sustained downward move, a little pullback is possible given uncertainty about the tax plan and also the Fed policy, which right now differs from market expectation,” said Shannon Saccocia, chief investment strategist at Boston Private.