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Wall Street ends lower after sell-off | Wall Street ends lower after sell-off |
(about 3 hours later) | |
(Close): US shares turned sour after a strong start on Wednesday, with energy and consumer goods firms faring worst. | (Close): US shares turned sour after a strong start on Wednesday, with energy and consumer goods firms faring worst. |
A key oil stockpiles report and a Federal Reserve survey suggested more sluggish economic growth. | |
The Dow Industrials declined 364.81 points or 2.2% to 16,151.41 and the S&P 500 fell 2.5% to 1,890.28. The Nasdaq shed 3.4% to 4,526.06. | The Dow Industrials declined 364.81 points or 2.2% to 16,151.41 and the S&P 500 fell 2.5% to 1,890.28. The Nasdaq shed 3.4% to 4,526.06. |
Microsoft ended the day down 2.2%, having earlier risen 2% after analysts at Morgan Stanley upgraded the stock. | Microsoft ended the day down 2.2%, having earlier risen 2% after analysts at Morgan Stanley upgraded the stock. |
Oil prices dipped below $30 per barrel, but have bounced back, with West Texas Intermediate now at $30.72. | Oil prices dipped below $30 per barrel, but have bounced back, with West Texas Intermediate now at $30.72. |
The Home Depot retail chain was the Dow's biggest faller, shedding 4.8%. | The Home Depot retail chain was the Dow's biggest faller, shedding 4.8%. |
Exxon Mobil, the only gainer on the Dow, managed a 0.6% rise, which analysts said was a move to safety within the energy sector. However, rival oil firm Chevron fell 1%. | Exxon Mobil, the only gainer on the Dow, managed a 0.6% rise, which analysts said was a move to safety within the energy sector. However, rival oil firm Chevron fell 1%. |
Shares in General Motors added 0.6% after it raised the size of its share buyback scheme by 80% to $9bn, increased its dividend and raised its profit outlook for 2016. | Shares in General Motors added 0.6% after it raised the size of its share buyback scheme by 80% to $9bn, increased its dividend and raised its profit outlook for 2016. |
General Electric fell 1.4% after announcing 6,500 job cuts at its operations in Europe over the next two years. | General Electric fell 1.4% after announcing 6,500 job cuts at its operations in Europe over the next two years. |
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