How Did the Stock Market Do Today?
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Dow Jones: 16,151.41; -364.81; -2.21%
S&P 500: 1,890.28; -48.40; -2.50%
Nasdaq: 4,526.07; -159.85; -3.41%
The Dow Jones Industrial Average today (Wednesday) cratered more than 364 points as oil prices pushed downward again and technology stocks faltered. Shares of five companies – Home Depot Inc. (NYSE: HD), Goldman Sachs Group Inc. (NYSE: GS), Boeing Co. (NYSE: BA), Walt Disney Co. (NYSE: DIS), and UnitedHealth Group Inc. (NYSE: UNH) – accounted for half of the Dow’s drop today. Meanwhile, the S&P 500 slumped 2.5% and crashed through the important mental barrier of 1,900 for the first time since October.
On the economic front, two prominent economists – Boston Fed President Eric Rosengren and former U.S. Treasury Secretary Larry Summers – raised concerns about the U.S. Federal Reserve’s plans to tighten monetary policy repeatedly in 2016. Both said any plan for four quarter-point interest rate hikes could be stonewalled by a sputtering U.S. economy. Meanwhile, according to the monthly Beige Book, U.S. economic activity expanded in nine of the nation’s 12 districts. The central bank said broader U.S. economic growth was weighed down by a stronger dollar and falling energy prices.
Top Stock Market News Today
Stock Market Today: All 10 major S&P sectors fell today, with consumer discretionary stocks leading the sharpest decline. Shares of Amazon.com Inc. (Nasdaq: AMZN) pulled the sector down after falling 5.8%; however, no individual event accounted for the sharp decline in the tech stock. Meanwhile, shares of Netflix Inc. (Nasdaq: NFLX) fell 8.6%, while Chipotle Mexican Grill Inc. (NYSE: CMG) reversed losses and added 6%.
Oil Moves Higher: U.S. oil prices again slumped through the $30 barrier during intraday trading before settling higher for the first time in eight sessions. February’s WTI prices gained 0.1% to settle at $30.48 per barrel. Meanwhile, Brent oil crude – priced in London – fell 1.8% to hit $30.31. Shares of Exxon Mobil Corp. (NYSE: XOM) weathered the decline in crude prices, gaining 0.6% on the day. However, Chevron Corp. (NYSE: CVX) fell 1%. Master limited partnerships cratered on the day, with Targa Resources Corp. (NYSE: TRGP) leading the decline by losing 21.5% today.
SOTU Address: On Tuesday night, President Barack Obama delivered his final, 58-minute-and-40-second-long State of the Union address – the 16th longest in history. During his speech, he devoted nearly six minutes to claims that the U.S. economy has become more robust than ever under his tenure. But we’re not buying it. Here’s why.
On Tap Tomorrow: On Thursday, a busy economic calendar features an update on weekly jobless claims, monthly trade data, and a speech from St. Louis Fed Reserve Bank President James Bullard. Companies set to report quarterly earnings include JPMorgan Chase & Co. (NYSE: JPM), Intel Corp. (Nasdaq: INTC), and Shaw Communications Inc. (NYSE: SJR).
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