Investors concerned over erratic oil prices and a slowing economy sent stocks lower Wednesday despite strong earnings from Cisco Systems Inc. and the Federal Reserve's pause in raising interest rates, the Associated Press reports.
The stock market fell as crude futures fluctuated widely during the session. After nearing new record highs after the Energy Department reported falling crude inventories, oil prices retreated sharply. After climbing as high as $77.44, a barrel of light crude settled at $76.35, up 4 cents, on the New York Mercantile Exchange.
According to preliminary calculations, the Dow fell 64.43, or 0.58 percent, to 11,109.16 after having risen as much as 77.25 early in the session. Broader stock indicators also moved lower. The tech-focused Nasdaq composite index slipped 0.57, or 0.03 percent, to 2,060.28, though the index had gained 1.8 percent in early trading on the strength of Cisco's earnings. The large-cap Standard & Poor's 500 index lost 5.53, or 0.43 percent, to 1,265.95.
Today's Winners & Losers
Riding strong third quarter earnings, En Pointe Technologies Inc. rose 23.6 percent to $2.78 while SCPIE Holdings Inc. finished up 3.6 percent and Iaxia gained 3.4 percent to close out at $9.42.
Hi-Shear Technology finished down another 15.3 percent to close at $9.74 while 3D Systems Corp. lost 12.4 percent to close at $14.20 and Countrywide Financial lost 8.7 percent to finish the day at $34.11.
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