Markets
CAT

Stocks Turn Defensive as Oil Sells Off

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 after Wednesday's rally following a 25 basis point rate hike by the Federal Reserve. Nine of the ten S&P 500 sectors were in the red with only the utility sector on the plus side as a result of lower Treasury yields. The blue-chip index saw heavy losses in component stocks Caterpillar ( CAT ) and Chevron ( CVX ), breaching key support at the 200-day moving average at 17,550 just before the close.

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

Copyright (C) 2016 MTNewswires.com. 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.

In This Story

CAT CVX

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More