US close: Markets in decline as Saudi Arabia cuts oil prices to US and Jobless claims undercut forecast

The Dow Jones Industrials dropped 0.07% to 7,900.10, while the S&P 500 fell 0.12% to 2,071.92 and Nasdaq decreased 0.11% to 4,769.44.

US initial jobless claims reduced to 297,000 in the week ending 29 November, resuming the downward trend in line with consensus expectations of 295,000.

“Historically, the month of December has been kind to traders, and with the Dow 18,000 level tantalisingly close it should not be too long before we see a concerted effort from traders to hit this target.

“This slight stutter ahead of tomorrow’s important non-farm payroll figures might just see a touch of caution hit traders, and that may not be a bad thing,” said IG market analyst Alastair McCaig.

On Thursday morning it was reported that Saudi Arabia slashed its January oil prices to the US and Asia.
West Texas Intermediate crude futures fell by 0.85% to hit $66.81 a barrel after Wednesday’s mild increase and Brent crude futures were also falling by 0.63% to $69.48 a barrel.

Capital Economics said: “Looking forward, the $45 slump in the price of Brent crude since June should provide a net boost to demand. Indeed, it will save consumers in the four major advanced economies over $200bn a year in motor fuel costs alone.”

Over on COMEX, gold futures were also dropping by 0.28% to $1,205.2. The dollar advanced against the pound but declined against the yen and the euro.

Meanwhile in company news, oil and gas firms were declining as oil prices continue to tumble. Chevron decreased by 1.26% to 112.28 and Exxon fell by 0.61% to 94.37.

Visa receded by 0.18% to 261.14, while American Express rose by 0.64% to 91.83, Microsoft advanced by 1.58% to 48.84 and Walt Disney also increased by 0.13% to 93.23 after Thanksgiving weekend.

The US generic government 10 year yield was down five basis points to 2.23%.

S&P 500 - Risers
Avago Technologies Ltd. (AVGO) $103.07 +8.35%
Delta Airlines Inc. (DAL) $46.42 +3.73%
Kroger Co. (KR) $60.76 +3.58%
LyondellBasell Industries (LYB) $81.14 +3.07%
Tenet Healthcare Corp. (THC) $48.42 +2.69%
Graham Holdings Co. (GHC) $928.00 +2.25%
Raytheon Co. (RTN) $110.00 +2.19%
TripAdvisor Inc. (TRIP) $77.22 +1.97%
Chipotle Mexican Grill Inc. (CMG) $663.97 +1.95%
Eli Lilly and Company (LLY) $72.38 +1.76%

S&P 500 - Fallers
Range Resources Corp. (RRC) $60.55 -6.09%
Ensco Plc. (ESV) $31.46 -5.75%
Transocean Ltd. (RIG) $18.68 -4.55%
Diamond Offshore Drilling Inc. (DO) $30.08 -4.33%
Norfolk Southern Corp. (NSC) $107.30 -4.10%
Wynn Resorts Ltd. (WYNN) $162.92 -3.92%
Newfield Exploration Co (NFX) $26.18 -3.71%
Pioneer Natural Resources Co. (PXD) $145.53 -3.45%
Peabody Energy Corp. (BTU) $8.88 -3.37%
EQT Corp. (EQT) $87.10 -3.29%

Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $48.84 +1.58%
Procter & Gamble Co. (PG) $90.58 +0.64%
American Express Co. (AXP) $91.83 +0.64%
Merck & Co. Inc. (MRK) $60.92 +0.56%
Nike Inc. (NKE) $99.05 +0.56%
Goldman Sachs Group Inc. (GS) $191.95 +0.52%
Home Depot Inc. (HD) $98.95 +0.37%
United Technologies Corp. (UTX) $111.21 +0.20%
McDonald's Corp. (MCD) $95.66 +0.17%
E.I. du Pont de Nemours and Co. (DD) $72.37 +0.17%

Dow Jones I.A - Fallers
Chevron Corp. (CVX) $112.28 -1.26%
Unitedhealth Group Inc. (UNH) $99.67 -1.12%
General Electric Co. (GE) $26.09 -1.10%
Coca-Cola Co. (KO) $43.50 -0.68%
Cisco Systems Inc. (CSCO) $27.77 -0.64%
Exxon Mobil Corp. (XOM) $94.37 -0.61%
Caterpillar Inc. (CAT) $99.67 -0.51%
Boeing Co. (BA) $131.32 -0.49%
International Business Machines Corp. (IBM) $164.05 -0.29%
AT&T Inc. (T) $33.91 -0.26%

Nasdaq 100 - Risers
Avago Technologies Ltd. (AVGO) $103.07 +8.35%
TripAdvisor Inc. (TRIP) $77.22 +1.97%
Microsoft Corp. (MSFT) $48.84 +1.58%
Akamai Technologies Inc. (AKAM) $64.23 +1.57%
Whole Foods Market Inc. (WFM) $48.91 +1.49%
Mattel Inc. (MAT) $30.68 +1.35%
Activision Blizzard Inc. (ATVI) $21.77 +1.35%
Equinix Inc. (EQIX) $230.44 +1.13%
Google Inc. Class C (GOOG) $537.31 +1.13%
Expedia Inc. (EXPE) $89.55 +1.08%

Nasdaq 100 - Fallers
Vimpelcom Ltd Ads (VIP) $4.73 -6.34%
Wynn Resorts Ltd. (WYNN) $162.92 -3.92%
Discovery Communications Inc. Class A (DISCA) $34.43 -2.49%
Dish Network Corp. (DISH) $72.93 -2.00%
Biogen Idec Inc. (BIIB) $341.26 -1.75%
Cognizant Technology Solutions Corp. (CTSH) $53.52 -1.69%
CA Inc. (CA) $30.88 -1.58%
Intuitive Surgical Inc. (ISRG) $510.70 -1.53%
QUALCOMM Inc. (QCOM) $73.34 -1.38%
Comcast Corp. (CMCSA) $56.38 -1.34%