NEW YORK, Sept. 16 (Xinhua) -- U.S. stocks traded on a downbeat note Monday as a surge in oil prices in the wake of the attacks on oil facilities in Saudi Arabia over the weekend rattled investors.

At midday, the Dow Jones Industrial Average fell 166.83 points, or 0.61 percent, to 27,052.69. The S&P 500 dropped 14.94 points, or 0.50 percent, to 2,992.45. The Nasdaq Composite Index decreased 41.38 points, or 0.51 percent, to 8,135.34.

Nine of the 11 primary S&P 500 sectors declined in midday trading, with both materials and consumer discretionary down more than 1 percent, leading the laggards. Energy, however, soared 2.5 percent, outperforming others.

Oil prices jumped after the attacks on Saudi oil fields over the weekend caused disruption of oil production in the region, triggering worries about a slowing global economy.

Even a temporary spike in oil prices can be disruptive, particularly at a time when the global economy is already showing weakness from other causes, noted some experts.

Shares of General Motors dipped 3.5 percent amid the strike after contract negotiations between the automaker and the United Auto Workers broke down.

U.S. equities extended gains in the week ending Sept. 13 as the market was underpinned by a batch of upbeat data. Enditem

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