US stocks fall as S&P 500 clings to modest 2015 gain
NEW YORK : US stocks ended solidly lower Wednesday, with most industrial sectors falling as the S&P 500 clung to a small gain for 2015 with one day of trade remaining.
The S&P 500 dropped 15.00 points (0.72 percent) to 2,063.36 leaving it up by less than five points for the year.
The Dow Jones Industrial Average fell 117.11 (0.66 percent) to 17,603.87, while the tech-rich Nasdaq Composite Index shed 42.09 (0.82 percent) at 5,065.85.
The Dow is down about 1.2 percent for the year, while the Nasdaq is up nearly seven percent. US stocks were in the red all day. Dow members ExxonMobil and Chevron both lost about 1.3 percent after oil prices fell, but most other sectors also had down days.
“Overall trading is being driven in large part by news in the oil market and with energy shares and oil prices lagging today it’s tough for stocks to gain any traction absent any other market-moving news,” Portfolio manager at Kenjol Capital Management, David Levy said
“If you shut your eyes for 2015, you would think not a whole lot has changed, whether we have a move higher or not tomorrow is not going to affect that one way or another.” Levy said.
Technology stocks were weak, with Apple shedding 1.3 percent, and Facebook and Priceline both losing 1.0 percent.
Banking shares were another vulnerable area. Bank of America and Citigroup both shed 1.3 percent, while JPMorgan Chase and Wells Fargo dropped 0.7 percent each.