US close: Oil drags markets into the red

The Dow Jones Industrial Average closed down 0.31% at 17,737.00, the S&P 500 was off 0.32% at 2,066.13, and the Nasdaq Composite finished down 0.46% at 4,891.79.

Materials and industrials led the decliners on the S&P 500, down almost 1%, while transport was the big faller on the Dow, dragged more than 1% by JetBlue after it emerged the low cost carrier lost out to rival Alaska Airlines in acquiring Virgin America.

Oil prices were dragged down below $36 per barrel during the session. West Texas Intermediate dipped below that mark after session close, last down 3.49% at $35.55, while Brent crude was off 2.93% at $37.57.

“As long as oil can hang above the $35 level, the market seems comfortable,” noted Convergex head trader Peter Coleman.

The day offered up some economic data, with factory orders in the country declining 1.7% in February.

In corporates, Apple was up 0.99% but still failed to close above its 200 day moving average. It did beat it for the first time since 5 November during the session.

Edwards Lifesciences rocketed 16.86% to a record close after hitting all-time highs during the session. A study showing a less invasive heart valve implant as being more effective than open heart surgery led to a number of brokers raising their ratings on the stock.

Treasury yields were mixed during the day, with the two-year yield moving higher to near 0.74% and the 10-year yield largely flat at 1.77%.

The Federal Reserve game of look-at-me resumed after Boston Fed president Eric Rosengren said he believed it looked appropriate to resume tightening sooner than financial futures were indicating.

“The US has weathered foreign shocks quite well,” he said, and added that overseas risks were becoming less obvious.

Analysts were quick to dismiss his comments, with FBN Securities chief market strategist Jeremy Klein saying it didn’t matter what Rosengren said, because “it only matters what Janet Yellen is saying and she told us what she’s thinking last week.”

Minneapolis Fed president Neel Kashkari and Dallas Fed president Rob Kaplan were due to speak after market close, with Yellen to offer her remarks on Thursday.

In currencies, the greenback was last 0.27% weaker against sterling at $1.4266 per pound, and off 0.03% against the common currency at $1.1394 per euro. The yen also gained on the dollar, and was last 0.37% closer at JPY 111.28.

S&P 500 - Risers
Edwards Lifesciences Corp. (EW) $105.08 +16.86%
Southwestern Energy Co. (SWN) $8.51 +8.96%
Vertex Pharmaceuticals Inc. (VRTX) $82.87 +4.70%
Anthem Inc (ANTM) $147.26 +3.81%
Allergan plc (AGN) $277.55 +3.53%
AbbVie Inc (ABBV) $59.21 +3.12%
CIGNA Corp. (CI) $141.23 +2.97%
Alexion Pharmaceuticals Inc. (ALXN) $147.10 +2.91%
Boston Scientific Corp. (BSX) $19.47 +2.80%
Intuitive Surgical Inc. (ISRG) $622.06 +2.57%

S&P 500 - Fallers
Peabody Energy Corp. (BTU) $2.25 -6.64%
PulteGroup Inc. (PHM) $17.21 -6.57%
Borg Warner Inc. (BWA) $35.28 -6.37%
Freeport-McMoRan Inc (FCX) $9.42 -4.75%
Legg Mason Inc. (LM) $33.01 -4.24%
Republic Services Inc. (RSG) $46.27 -4.08%
Viacom Inc. Class B (VIAB) $39.56 -3.91%
Mosaic Company (MOS) $25.81 -3.84%
J. M. Smucker Co. (SJM) $127.57 -3.74%
Ralph Lauren Corp (RL) $93.80 -3.56%

Dow Jones I.A - Risers
Pfizer Inc. (PFE) $30.72 +2.26%
Merck & Co. Inc. (MRK) $54.40 +1.30%
Apple Inc. (AAPL) $111.12 +1.03%
Verizon Communications Inc. (VZ) $54.42 +0.76%
McDonald's Corp. (MCD) $127.57 +0.43%
Visa Inc. (V) $77.83 +0.31%
United Technologies Corp. (UTX) $100.27 +0.30%
Exxon Mobil Corp. (XOM) $83.16 +0.24%
Travelers Company Inc. (TRV) $117.56 +0.14%
Coca-Cola Co. (KO) $46.89 +0.13%

Dow Jones I.A - Fallers
Nike Inc. (NKE) $59.97 -2.63%
General Electric Co. (GE) $31.23 -2.19%
Cisco Systems Inc. (CSCO) $28.14 -1.92%
Caterpillar Inc. (CAT) $75.72 -1.39%
Intel Corp. (INTC) $32.00 -1.39%
Goldman Sachs Group Inc. (GS) $157.77 -1.28%
JP Morgan Chase & Co. (JPM) $59.20 -1.12%
Chevron Corp. (CVX) $93.43 -0.88%
American Express Co. (AXP) $60.62 -0.79%
3M Co. (MMM) $166.40 -0.67%

Nasdaq 100 - Risers
Vertex Pharmaceuticals Inc. (VRTX) $82.87 +4.70%
Tesla Motors Inc (TSLA) $246.99 +3.96%
Alexion Pharmaceuticals Inc. (ALXN) $147.10 +2.91%
Intuitive Surgical Inc. (ISRG) $622.06 +2.57%
Yahoo! Inc. (YHOO) $37.02 +1.48%
Biogen Inc (BIIB) $264.01 +1.33%
Symantec Corp. (SYMC) $18.60 +1.03%
Apple Inc. (AAPL) $111.12 +1.03%
Cerner Corp. (CERN) $54.60 +0.96%
Charter Communications Inc. (CHTR) $205.35 +0.92%

Nasdaq 100 - Fallers
Viacom Inc. Class B (VIAB) $39.56 -3.91%
Fastenal Co. (FAST) $47.37 -3.19%
TripAdvisor Inc. (TRIP) $65.09 -3.18%
Facebook Inc. (FB) $112.55 -3.02%
Vimpelcom Ltd Ads (VIP) $4.11 -2.73%
Expeditors International Of Washington Inc. (EXPD) $47.79 -2.17%
Cognizant Technology Solutions Corp. (CTSH) $61.76 -2.15%
Micron Technology Inc. (MU) $10.80 -2.09%
O'Reilly Automotive Inc. (ORLY) $272.15 -2.04%
Cisco Systems Inc. (CSCO) $28.14 -1.92%