View the article online at http://citywire.co.uk/money/article/a871244
Overnight Markets: US stocks end lower as oil declines
And Asian share markets had an uninspired finish on the final trading day of 2015.
US stocks fell on Wednesday after a decline in oil prices rippled through markets, triggering losses in energy stocks and currencies of commodity-exporting countries.
The Dow Jones Industrial Average closed 117 points, or 0.7%, lower at 17,604. The S&P 500 index closed down 15 points, or 0.7%, at 2,063. Meanwhile, the Nasdaq Composite Index fell 42 points, or 0.8%, to end at 5,066.
The decline in the broader market was led by energy sector after US crude-oil prices plunged 3.4% to $36.60 a barrel as Saudi Arabia reiterated its commitment to keeping oil production high and data showed an increase in US crude supplies. Exxon Mobil shed 1.3%.
Traders yesterday were also keeping an eye on Amazon.com Inc. and Google parent Alphabet Inc. after their shares scored record closes on Tuesday. Amazon’s shares closed down 0.7% yesterday, while Alphabet’s finished down 0.5%. Nike Inc. fell 1.6%.
Shares in Pep Boys fell 2.9% following news that activist investor Carl Icahn would buy the Philadelphia-based auto-parts chain, ending the bidding war with Japanese tire company Bridgestone Corp.
Meanwhile, KaloBios Pharmaceuticals Inc. - the company that is majority owned by controversial biotech investor Martin Shkreli - has filed for bankruptcy. Shares have been halted since 17 December.
In economic news, pending home sales dipped 0.9% in November, missing economists’ expectations for a 1% increase. Meanwhile, International Monetary Fund Managing Director Christine Lagarde warned in a guest column for Germany’s Handelsblatt newspaper that global economic growth will be “disappointing and uneven in 2016.”
In Asia, share markets had an uninspired finish on the final trading day of 2015, as investors kept an eye on oil prices for further clues going into 2016, after a turbulent year for stocks.
In Australia, the ASX 200 finished the final trading day of the year in the red, down 0.45%. For the whole year, the index shed 2.13%. In China, the Shanghai Composite index closed down 0.9% on the day. For the year, the mainland bourse closed 9.4% higher.The Hong Kong Hang Seng closed early today, ending the day narrowly higher and down on the year by 7.2%. The Japanese and South Korean markets remain closed today.
News sponsored by:
Making the most out of Europe's potential means seeing things differently. Learn more about how BlackRock's focused approach to investing in Europe helps investors unlock the continent's vast potential.
In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.
More about this:
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.
by Daniel Grote on Mar 27, 2017 at 16:03