How major U.S. stock indexes fared Wednesday

25 November, 2018, 12:46 | Author: Teresa Adams
  • Dow falls nearly 500 points, dragged down by Target and tech shares

Big technology and internet companies came under heavy selling pressure again on Monday, leading to broad losses across the stock market. Boeing was the biggest drag on the Dow Jones Industrial Average with a loss of 4.5 percent. Victoria's Secret parent company L Brands fell 17.7 percent.

The S&P energy index gained 1.2%, as oil prices bounced back from a 6% plunge the previous day.

The S&P 500 index fell 45.54 points, or 1.7 percent, to 2,690.73.

The Dow Jones Industrial Average lost 551 points, or 2.2 percent, to 24,465. It was down 648 earlier. The Nasdaq composite skidded 3 percent to 7,028.48.

Five stocks fell for every one that rose on the New York Stock Exchange.

Among individual stocks, Dow member Johnson & Johnson dropped 3.1 per cent after a United States appeals court refused to block sales of a generic version of its prostate cancer drug Zytiga.

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ENERGY: Oil prices rebounded Wednesday as benchmark US crude gained 2.3 per cent to $54.66 a barrel in NY.

IF THE SHOE FITS: Retailer Foot Locker jumped 13.8 percent to $52.47 after its third-quarter profit and revenue surpassed Wall Street's expectations.

PG&E stock fell 4.8 percent to $23.21. Apple fell 4 percent and Amazon gave back 5.1 percent.

The dollar index, which tracks the greenback against a basket of six major currencies, slipped 0.2 percent after having advanced in Tuesday's risk-off session.

The Dow is down 948.53 points, or 3.7 percent. USA -traded shares of Nissan lost 5.8 percent, while Renault shares dropped 8.4 percent in Paris. Target plunged 9.5 percent after missing Wall Street's earnings estimates.

Industrial companies also took a beating.

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"I think your tech stocks have some problems". Caterpillar fell 3.1 percent to $125.98 and Nike lost 3 percent to $72.52.

Japan's benchmark Nikkei 225 was less than 0.1 percent lower at 21,504.00 and South Korea's Kospi dropped 0.2 percent to 2,071.94 in narrow trading. Google's Alphabet shares dropped by 1.4 percent. It was down 524 earlier.

The Nasdaq is up 68.86 points, or 1 percent.

Apple sank another 3.8 percent in early trading Tuesday and Microsoft gave up 2.5 percent. Nokia and Ericsson, two top suppliers of telecom networks, each fell about 3 per cent. SAP, which provides business software and cloud computing services, was down over 1 per cent, as was chip maker Infineon Technologies. The stock has plunged 51 percent since November 8 as investors try to assess the damages the company might have to pay if it's held liable for the blaze.

The S&P 500 fell 36 points, or 1.3 percent, to 2,654.

Benchmark US crude lost 6.6 percent to $53.43 a barrel in NY.

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