US close: Stocks dragged lower by fall in oil prices
US stocks closed lower on Wednesday as oil prices dropped after government data showed a greater-than-expected increase in weekly US crude inventories.
The Dow Jones Industrial Average finished down 0.45%, the S&P 500 shed 0.64% and the Nasdaq lost 1.10%.
Oil prices were under pressure after the Energy Information Administration on Wednesday reported US crude stocks rose by 9.4 million barrels to 532.5 million barrels in the week ended 18 March. Analysts had forecast an increase of 2.5 million barrels.
At 2130 GMT West Texas Intermediate crude fell 4.2% to $39.76 per barrel and Brent slid 3.1% to $40.52 per barrel.
In economic data, the Commerce Department revealed US new home sales rose 2% to 512,000 units in February from a month ago, missing estimates for a 3.2% rise.
The Mortgage Bankers’ Association said mortgage applications fell 3.3% in the week to 18 March.
Elsewhere, European stocks were mixed in the aftermath of explosions in Brussels that hurt sentiment on Tuesday. There were twin explosions at Zaventem airport and a metro station on Tuesday morning that left about 34 people dead and 250 wounded. Extremists group ISIL has claimed responsibility for the attacks.
In Asia, the president of the Asian Development Bank said on Wednesday that China’s economy is unlikely to suffer a hard landing as there is room for fiscal and monetary stimulus to boost growth.
"There won't be a hard landing," Takehiko Nakao, a former Japanese vice finance minister for international affairs, told a news conference.
The lender has forecast China’s economy will grow 6.7% this year, but Takehiko suggested that the estimate might be modified lowered later this month.
China's government is targeting growth of 6.5% to 7% this year after 6.9% expansion in 2015.
Company-wise, Emerald Oil’s trading was halted after the oil and gas exploration company filed for chapter 11 bankruptcy protection as it has failed to manage lower oil prices.
Nike’s shares slumped after reporting third quarter revenue that missed analysts’ expectations.
SunEdison was in the red as the company faced questions about its fiscal amid reports that it could be heading for bankruptcy.
Krispy Kreme dipped as the doughnut maker reported holiday quarter revenue growth that trailed forecasts.
In currencies, the dollar rose 0.01% against the pound, was flat versus the euro and fell 0.02% against the yen.
S&P 500 - Risers
Pepco Holdings Inc. (POM) $26.93 +26.79%
AutoZone Inc. (AZO) $805.29 +2.46%
Yum! Brands Inc. (YUM) $80.55 +1.99%
McCormick & Co. (MKC) $95.84 +1.94%
Electronic Arts Inc. (EA) $65.05 +1.85%
Advance Auto Parts (AAP) $161.09 +1.83%
Nvidia Corp. (NVDA) $34.43 +1.71%
Amazon.Com Inc. (AMZN) $569.63 +1.63%
Allergan plc (AGN) $281.31 +1.48%
Unitedhealth Group Inc. (UNH) $129.79 +1.38%
S&P 500 - Fallers
Chesapeake Energy Corp. (CHK) $4.13 -14.32%
CONSOL Energy Inc. (CNX) $10.44 -13.22%
Freeport-McMoRan Inc (FCX) $9.75 -11.28%
Marathon Oil Corp. (MRO) $10.19 -9.90%
Peabody Energy Corp. (BTU) $2.40 -9.77%
Southwestern Energy Co. (SWN) $7.35 -9.03%
Newmont Mining Corp. (NEM) $24.98 -8.80%
Devon Energy Corp. (DVN) $25.76 -8.03%
Genworth Financial Inc. (GNW) $2.81 -7.87%
Williams Companies Inc. (WMB) $16.26 -7.77%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $129.79 +1.38%
Visa Inc. (V) $73.91 +1.30%
Johnson & Johnson (JNJ) $108.50 +1.04%
United Technologies Corp. (UTX) $99.11 +0.46%
McDonald's Corp. (MCD) $124.19 +0.30%
Procter & Gamble Co. (PG) $82.82 +0.10%
Merck & Co. Inc. (MRK) $53.08 +0.09%
American Express Co. (AXP) $60.63 +0.03%
General Electric Co. (GE) $31.07 +0.03%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $62.44 -3.79%
Caterpillar Inc. (CAT) $73.68 -2.48%
Chevron Corp. (CVX) $93.59 -2.00%
International Business Machines Corp. (IBM) $145.40 -1.82%
Boeing Co. (BA) $132.86 -1.67%
Cisco Systems Inc. (CSCO) $27.83 -1.59%
Intel Corp. (INTC) $32.00 -0.99%
Walt Disney Co. (DIS) $96.83 -0.77%
Pfizer Inc. (PFE) $30.19 -0.63%
Wal-Mart Stores Inc. (WMT) $67.46 -0.60%
Nasdaq 100 - Risers
Electronic Arts Inc. (EA) $65.05 +1.85%
Nvidia Corp. (NVDA) $34.43 +1.71%
Amazon.Com Inc. (AMZN) $569.63 +1.63%
O'Reilly Automotive Inc. (ORLY) $276.44 +1.36%
Costco Wholesale Corp. (COST) $153.51 +0.84%
Mattel Inc. (MAT) $32.47 +0.78%
Kraft Heinz Co. (KHC) $76.81 +0.48%
Fiserv Inc. (FISV) $100.31 +0.39%
Cognizant Technology Solutions Corp. (CTSH) $59.06 +0.36%
Facebook Inc. (FB) $112.54 +0.26%
Nasdaq 100 - Fallers
Vertex Pharmaceuticals Inc. (VRTX) $80.15 -7.64%
Micron Technology Inc. (MU) $10.65 -6.91%
Seagate Technology Plc (STX) $34.80 -6.05%
Western Digital Corp. (WDC) $48.72 -5.10%
Tesla Motors Inc (TSLA) $222.58 -4.98%
Vimpelcom Ltd Ads (VIP) $3.84 -4.48%
Gilead Sciences Inc. (GILD) $90.08 -3.88%
Discovery Communications Inc. Class A (DISCA) $27.81 -3.67%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $49.77 -3.62%
TripAdvisor Inc. (TRIP) $61.74 -3.59%