Global stocks were heading toward a sluggish end to the year, with the fall in oil prices hurting currencies of commodity-rich countries.
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U.S.stocks closed lower Thursday, the last day of trade for 2015, despite some stabilization in oil prices. The Standard & Poor’s 500 index ended the year down about three-quarters of a percent. Oil and gas producers in the benchmark index advanced today after erasing an early drop, though remain on track for their biggest retreat in seven years.
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At 3:25 p.m.in NY, the Dow Jones Industrial Average (INDEXDJX:.DJI) slid 0.7% to 17,479.61.
The S&P 500 fell 0.9% to 2,043.94, leaving the broad-based gauge of U.S. stocks down 0.7% for the year, its first loss since 2011. The Nasdaq composite declined 58 points, or 1.2 percent, to 5,007.
At 2:21 pm, the Dow Jones industrial average was down 0.44 percent at 17,526.42. Stocks have also been hurt by slowing growth in China, the negative fallout on sales and earnings of US multinationals due to a stronger dollar and the steep losses in the energy sector, which have sent the energy sector of the S&P 500 down nearly 24% this year.
Apple was down 0.7 per cent at $ & US106.55 and was the biggest drag on the S & P and Nasdaq. Energy stocks, which had been battered recently as commodities prices sank, rose 0.3 percent as oil prices rebounded. Its stock has been pressured by concerns about potentially weak iPhone sales and ended the year down 4.5 percent, its first annual loss since 2008.
On the other hand, the consumer discretionary sector.SPLRCD has been the best performer on the S&P, rising 9.5 percent in 2015, led by Netflix’s (NFLX.O) 139 percent increase and Amazon’s (AMZN.O) 122 percent gain.
The Dow lost 398.04 points, or 2.2 percent. Energy companies rose 0.5 per cent after crude oil erased a 1 per cent drop.
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ENERGY: Benchmark U.S. crude edged up 10 cents to $36.70 a barrel in NY. In Asia, the Shanghai Composite Index lost 0.9 percent, while Hong Kong’s Hang Seng gained 0.1 percent. The precious metal lost more than 10 percent for the year, posting three-straight years of decline for the first time since 1998. The SV 150 fell 16.85, or 1 percent, and closed at 1,696.87. Gold prices settled up 40 cents at $1,060.20, but fell more than 10% for the year.
