How Did the Stock Market Do Today?
Dow Jones:Â 17,603.87; -117.11;Â -0.66%
S&P 500: 2,063.36; -15.00;Â -0.72%
Nasdaq:Â 5,065.85; -42.09;Â -0.82%
The Dow Jones Industrial Average today (Wednesday) dropped 117 points as oil prices declined again and International Monetary Fund managing director Christine Lagarde projected a disappointing growth forecast for 2016 and beyond. Lagarde warned a stronger U.S. dollar could fuel a wave of bond defaults by foreign companies, which would “infect” banks and global economies.
In economic news, U.S. sales of previously owned homes fell in November. The decline was a surprise to economists and raises concerns that the housing sector is losing momentum as 2015 comes to a close.
Top Stock Market News Today
- Stock Market Today: All 10 major S&P sectors were negative today, with energy and materials leading the downturn. Oil prices slumped again on concerns of oversupply after the U.S. Energy Information Administration announced domestic crude inventories increased by 2.6 million barrels last week. February’s WTI prices were off 3.4% at $36.60 per barrel. Meanwhile, Brent oil crude – priced in London – fell 3.5% to hit $36.46. The sector’s most active traders today were Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX), which both fell 1.3%. The sector’s biggest loser on the day was Vanguard Natural Resources LLC (Nasdaq: VNR), which saw shares decline by 11.8%.
- What Time Do Markets Close on New Year’s Eve? As traders prepare for New Year’s Day and the start to 2016, markets will close on Dec. 31 at their regular hour – 4 p.m. EST. The markets will be closed on Friday, Jan. 1, and regular trade will resume on Monday, Jan. 4.
- On Tap Tomorrow: On Thursday, traders will take to their stations for the last session of 2015. A light economic calendar features a weekly update on jobless claims and a critical December update to the Chicago PMI. Economists are looking for a positive report after the region suffered a contraction in manufacturing activity in November. Finally, the weekly Baker Hughes Inc. (NYSE: BHI) rig count will provide an update on oil production levels in the United States. No major U.S. companies are expected to report quarterly earnings on Thursday.
