All 10 main sectors ended in negative territory led by energy sector
U.S. stocks ended lower on Wednesday, 30 December 2015 as a drop in oil resumed, dragging down energy company shares. The major indices ended Wednesday on a negative note after the market faced substantial selling pressure into the close with all the major indices settling near their lows.
The Dow Jones Industrial Average closed 117.11 points, or 0.7%, lower at 17,603.87. Nasdaq Composite fell 42.09 points, or 0.8%, to end at 5,065.85. The S&P 500 index closed down 15 points, or 0.7%, at 2,063.36.
All 10 of its main sectors ended in negative territory, led by a decline in the energy sector and a drop in materials stocks.
Nike and Exxon Mobil led the Dow decliners. , led by a 1.6% decline in Nike Inc. and a 1.3% fall in Exxon Mobil .
Equity indices slipped into the open after overnight selling pressure in oil drove the commodity below the $37.00/bbl price level. Crude oil, which rallied on Tuesday and helped stocks vault higher, retreated to settle 3.4% lower.
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Oil turned south in electronic trading late Tuesday after American Petroleum Institute estimates indicated a surprise rise in U.S. crude supplies last week. The rout spilled over into Wednesday's trading and intensified after the Energy Information Administration confirmed an increase in U.S. crude stockpiles by 2.6 million barrels.
Bullion prices ended lower on Wednesday as the curtain begins to fall on 2015. Metals lost some steam today with the dollar index trading higher.
February gold lost $8.20, or 0.8%, to settle at $1,059.80 an ounce. That represents the lowest close for gold since Dec. 17, a day after the Federal Reserve lifted interest rates, weighing on commodities that don't bear interest. March silver closed lower by 0.6% at $13.44/oz.
The key dollar index climbed 0.2%, as the dollar rallied against so-called commodity currencies, most notably the Russian ruble that fell to an all-time low against the greenback.
Among economic data expected for the day, pending home sales dipped 0.9% in November, missing expectations for a 1% increase.
In Treasuries, the benchmark note spent most of its day near its low, but investor participation was well below average, leaving the 10-yr yield unchanged at 2.30%
Once again, today's participation was very light with fewer than 600 million shares changing hands at the NYSE floor.
Tomorrow's economic data includes, weekly Initial (consensus 270,000) and Continuing Claims (consensus 2213k), which will be released at 8:30 ET while the Chicago PMI for December (consensus 50.1) will cross the wires at 9:45 ET.
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