Dow Jones Industrial Average Drops 75 Points On Apple Stock Slump

How Did the Stock Market Do Today?

Dow Jones: 17,492.30; -75.70; -0.43%

S&P 500: 2,047.62; -15.97;-0.77%

Nasdaq: 5,022.87; -75.38;-1.48%

The Dow Jones Industrial Average today (Wednesday) fell 75 points and the S&P 500 fell into negative territory for the year as traders kept a close eye on falling WTI crude oil prices and shares of Apple Inc. (Nasdaq: AAPL) dipped 2.2% on concerns about the company’s hardware sales. Oil prices slipped as concerns about a global glut remain high due to OPEC’s recent decision to maintain high production levels in order to protect global market share. January WTI prices fell 0.9% to settle at $37.16 per barrel. Meanwhile, Brent oil crude – priced in London – fell 0.4% to close at $40.11.

Top Stock Market News Today

Stock Market News: Seven of 10 S&P sectors were negative today, with energy, materials, and utilities stocks showing gains. Shares of Kinder Morgan Inc. (NYSE: KMI) gained 6.8% on the day, reversing course from yesterday’s devastating trading session where the stock slumped after the company announced it would slash its dividend by 75%. Shares of Exxon Mobil Corp. (NYSE: XOM) added 1.3%, while rival Chevron Corp. (NYSE: CVX) added 1.4% on the day.

On Tap Tomorrow: On Thursday, traders will eye the weekly jobless claims report one week before the Fed Open Market Committee decides on whether it will raise interest rates during its final meeting of 2015. In addition, look for an update to the Bloomberg Comfort Index and the Quarterly Services Survey. On the international front, markets will react to the Reserve Bank of New Zealand’s announcement on whether it will cut interest rates in order to spur economic growth as concerns mount about its exposure to a slowing Chinese economy. Companies set to report quarterly earnings tomorrow include Adobe Systems Inc. (Nasdaq: ADBE), CIENA Corp. (NYSE: CIEN), Restoration Hardware Holdings Inc. (NYSE: RH), Finisar Corp. (Nasdaq: FNSR), Methode Electronics Inc. (NYSE: MEI), and Greif Inc. (NYSE: GEF).