Close Update: Wall Street Losses Accelerate As Oil Rout Extinguishes 3-Day Winning Streak

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Wall Street's three-day winning streak was extinguished Thursday by another selling frenzy in oil and material stocks, as well as profit-taking in the banking sector following Wednesday's post-rate hike rally. Nine of the ten S&P 500 sectors were in the red with only the utility sector positive due to lower Treasury yields. The blue-chip index saw heavy losses in component stocks Caterpillar ( CAT ) and Chevron ( CVX ), and breached key support at the 200-day moving average at 17,550 just before the close.

Stocks were adding to Wednesday's post-FOMC gains early on Thursday despite a downward surprise in the Philly Fed index, and wider-than-expected current account deficit. Equities opened modestly higher, but quickly lost momentum corresponding with accelerating losses in oil and industrial metals. Weak oil prices fed into energy stocks, dragging the S&P 500 below 2059 support soon after the open.

By the close, the blue-chip index lost more than 200 points and the Nasdaq Composite was perched dangerously close to 5000 on losses in biotech and technology stocks.

Friday's economic data is on the light side with only the December flash PMI services sector index (expected 56.1), the Atlanta Fed business inflation expectations, and the Kansas City Fed manufacturing index.

Here's where the markets stood at the close:


Dow Jones Industrial Index was down 253.25 points (-1.43%)

S&P 500 was down 31.18 points (-1.50%)

Nasdaq Composite Index was down 68.58 points (1.35%)


FTSE 100 was up 0.68%

Nikkei 225 was up 1.59%

Hang Seng Index was up 0.79%

Shanghai China Composite Index was up 1.81%


(+) RWLK (+83.33%) Veterans Affairs Dept to cover exoskeleton systems

(+) MNRK (+39.88%) Offered $18.57 per share from Towne Bank ( TOWN )

(+) P (+13.69%) Will pay 15% more in royalties for 2016-2020 period

(+) ETAK (+14.89%) Unveils executive changes as part of a restructuring plan


(-) TK (-58.58%) Board oks plan to cut quarterly dividend by 90%

(-) PIR (-20.17%) Missed Q3 sales estimates, beat EPS, but lowered FY16 guidance

(-) PII (-10.79%) Slashed its entire growth expectation for 2015 earnings and cut its sales guidance growth range by more than half, partly due to the unusually warm weather

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Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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