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U.S. stocks slide, led by consumer stocks U.S. stocks slide
(35 minutes later)
U.S. stocks fell steeply Wednesday, led by a slide in consumer-disctretionary stocks. U.S. stocks sold off Wednesday in a sign that investors are still fretting low oil prices and are jittery after watching stock markets get off to a rocky start for the year.
Losses for the Dow Jones industrial average reached triple-digits, with the Dow down more than 300 points, or 2 percent, shortly after 3 p.m. The Standard & Poor’s 500 stock index was down 2.2 percent. The tech-heavy Nasdaq fell 2.9 percent. Losses for the Dow Jones industrial average reached triple-digits, with the Dow falling 365 points, or 2.2 percent, for the day. The Standard & Poor’s 500 stock index closed down 2.5 percent. The tech-heavy Nasdaq fell 3.4 percent.
The losses were steepest among the consumer discretionary sector of the S&P 500, which includes retailers, hotel companies and car manufacturers. Selling accelerated in the final minutes of the trading day as investors watching the volatility made moves to cut their losses.
Oil prices moved up slightly but were still near recent lows Wednesday, a day after the price of U.S. benchmark West Texas Intermediate (WTI) crude oil fell below $30 a barrel for the first time since 2004. “Lower prices in the overall market make people nervous,” said Keith Lerner, chief market strategist for SunTrust Bank, adding that some investors may be taking more conservative stances with their portfolios after watching stocks have a rough start to the year.
With U.S. oil prices hovering near 12-year lows at roughly $30 a barrel, investors remained worried about what omen low prices might send about the health of the global economy. Oil prices fell below the $30 a barrel threshold Tuesday for the first time since 2004, pushed down by excess supply.
Market losses were steepest among the consumer discretionary sector of the S&P 500, which includes retailers, hotel companies and car manufacturers. The sector was one of the best performing sectors in 2015, climbing 8 percent for the year.
The market drop was a continuation of the volatility that rocked stocks last week, when U.S. stock markets got off to their worst start for the year in history.The market drop was a continuation of the volatility that rocked stocks last week, when U.S. stock markets got off to their worst start for the year in history.
Following the rough start to the year, some investment analysts have been lowering their outlooks and calling on clients to take a more conservative stance.
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