US close: Stocks end firmly in the red as oil prices slide
Updated : 21:46
US equity markets ended firmly in the red on Tuesday as oil prices slid.
The Dow Jones Industrial Average closed down 1.8%, the Nasdaq dropped 2.2% and the S&P 500 ended 1.9% weaker.
Oil prices were under the cosh yet again as hopes of a deal between OPEC and non-OPEC nations to cut production faded. West Texas intermediate crude fell 5.4% to $29.92 per barrel and Brent slumped 4.5% to $32.70.
Adding to concerns about the health of the sector, BP reported a quarterly loss amid the oil price slump.
On the macroeconomic front, investors digested ISM’s New York business confidence index, which showed a drop to 54.6 in January from 62 the previous month.
Elsewhere, Kansas City Fed President Esther George said the US economy was “in a good spot” and the central bank should push ahead with interest rate hikes. Although she noted the increased volatility in stock markets, she said the Fed “cannot respond to every blip in financial markets.”
Meanwhile, the race to the White House continued, with Ted Cruz winning the Iowa Republican caucuses with 28% over Donald Trump’s 24%.
In the Democrat race, Hillary Clinton marginally beat Bernie Sanders by only four state delegate equivalents - the closest in Democratic caucus history - and in some cases delegates being awarded based on a coin toss.
In company news, shares in Google’s parent company Alphabet rose after it posted stronger-than-expected fourth quarter earnings late on Monday.
Michael Kors racked up stellar gains after the luxury accessories company reported third-quarter profit and sales that beat expectations.
United Parcel Service edged higher as it said earnings in the most recent quarter beat market forecasts, driven by growth in international package delivery.
Mattel shares rocketed after the Barbie maker’s fourth quarter profits comfortably beat analysts’ expectations.
On the downside, Exxon Mobil Corporation slipped after posting a fall in fourth quarter earnings and revenue.
The dollar nudged up 0.1% against the pound, but was 0.3% weaker against the euro and 0.8% lower versus the yen.
S&P 500 - Risers
Mattel Inc. (MAT) $30.46 +13.83%
Dow Chemical Co. (DOW) $45.03 +5.75%
E.I. du Pont de Nemours and Co. (DD) $56.21 +5.46%
Urban Outfitters Inc. (URBN) $23.70 +3.00%
PVH Corp. (PVH) $75.15 +2.71%
Kohls Corp. (KSS) $50.38 +2.65%
Anadarko Petroleum Corp. (APC) $39.26 +2.64%
PG&E Corp. (PCG) $56.67 +2.18%
General Growth Properties Inc. (GGP) $28.66 +2.07%
Baxter International Inc. (BAX) $37.95 +1.80%
S&P 500 - Fallers
Adt Corp (ADT) $24.94 -15.66%
Pitney Bowes Inc. (PBI) $16.75 -13.91%
Marathon Oil Corp. (MRO) $8.74 -10.27%
Harris Corp. (HRS) $78.24 -9.78%
Archer-Daniels-Midland Co. (ADM) $32.36 -8.74%
Tesoro Corp. (TSO) $80.53 -8.24%
Freeport-McMoRan Inc (FCX) $4.35 -8.23%
Carnival Corp. (CCL) $45.11 -7.88%
Mosaic Company (MOS) $22.10 -7.61%
Wynn Resorts Ltd. (WYNN) $62.00 -7.60%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $56.21 +5.46%
Dow Jones I.A - Fallers
Goldman Sachs Group Inc. (GS) $151.70 -4.98%
Chevron Corp. (CVX) $81.24 -4.75%
Boeing Co. (BA) $117.52 -3.32%
Intel Corp. (INTC) $29.80 -3.31%
Caterpillar Inc. (CAT) $60.67 -3.24%
Microsoft Corp. (MSFT) $53.00 -3.13%
JP Morgan Chase & Co. (JPM) $57.03 -3.11%
Cisco Systems Inc. (CSCO) $22.83 -2.77%
United Technologies Corp. (UTX) $85.42 -2.44%
Exxon Mobil Corp. (XOM) $74.59 -2.23%
Nasdaq 100 - Risers
Mattel Inc. (MAT) $30.46 +13.83%
Alphabet Inc. Class C (GOOG) $764.65 +1.68%
Alphabet Inc. Class A (GOOGL) $780.91 +1.32%
Paychex Inc. (PAYX) $48.35 +0.00%
Nasdaq 100 - Fallers
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $43.02 -8.58%
Tesla Motors Inc (TSLA) $182.78 -7.19%
Citrix Systems Inc. (CTXS) $66.27 -6.53%
QUALCOMM Inc. (QCOM) $43.15 -6.42%
TripAdvisor Inc. (TRIP) $63.00 -6.24%
American Airlines Group (AAL) $37.03 -5.97%
Seagate Technology Plc (STX) $28.61 -5.92%
Electronic Arts Inc. (EA) $60.66 -5.51%
Akamai Technologies Inc. (AKAM) $42.94 -5.21%
Incyte Corp. (INCY) $68.94 -5.02%