US close: Markets in decline after a quiet day for economic data

US stocks closed in the red on Wednesday after some limited economic data was released.

The Dow Jones Industrials fell 0.89% to 17,823.07 while the S&P 500 dropped 1.03% to 2,058.90 and Nasdaq declined 1.08% to 4,236.28.

Barclays Research pointed out how: “The Chicago PMI index fell to 58.3 in December (previous: 60.8), a slightly larger decline than we (59.5) and the consensus (60.0) had expected.”

“Softer December regional PMI readings suggest business investment cooled late in the quarter, though quarterly aggregates are consistent with our view that manufacturing activity has continued to expand in Q4.”

“Friday’s release of the December ISM manufacturing index (forecast: 57.0, consensus: 57.5) should provide a clearer picture of overall national manufacturing sentiment at year-end.”

Oil prices slid as WTI crude futures closed 1.064% down to $53.55 a barrel, while Brent futures closed on a dip of about 0.608% down to $57.55 a barrel.

For his part, Angus Campbell, senior analyst at FXPro noted: “As Brent Crude remains at its $57.5 per barrel level, 2015 is currently providing no rosy future for the commodity, as its ‘allies’ refuse to help its prices rise.”

Over on COMEX, gold futures fell 1.38% to $1,183.80 while the dollar was declined against the pound but advanced against the yen and the euro.

The yield on a benchmark US 10-year Treasury reduced by two basis points to 2.17%.

Meanwhile, in the corporate world Home Depot rose 0.67% to $104.97 while Coca-Cola dropped 1.26% to $42.22.