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Wall Street lower as Brent retreats, Apple drags
In Asia, share markets had an uninspired finish on the final trading day of 2015, as investors kept an eye on oil prices for further clues going into 2016, after a turbulent year for stocks.
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Dow Jones Industrial Average YMH6, -0.45% futures dropped 84 points, or 0.5%, to 17,365, while those for the S&P 500 index ESH6, -0.44% eased 9.95 points, or 0.5%, to 2,041.25. The Nasdaq Composite dropped 0.82 per cent to 5,065.85.
The Dow Jones Industrial Average jumped 192.71 points, or 1.1%, to 17,720.98, with all of the its components closing higher, with the exception of Walt Disney Co. down 0.2%.
The S&P is up 4.46 points, or 0.2 percent. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 0.50% for the day, the S&P 500 traded down 0.57%, and the Nasdaq Composite traded down 0.65%.
Today’s gains were partly driven by a rebound in oil prices, after yesterday’s steep fall.
U.S. stocks posted solid gains as Wall Street cheered over recovery in oil prices amid positive data in the holiday-shortened week. The S&P energy sector was the poorest performer among the 10 major sectors, down 1.47 per cent after forecasts of a short winter in North America and Europe piled pressure on the oversupplied commodity.
Fitbit rose 3.29 per cent after reports that the wearable gadget maker’s iOS app was the most downloaded after Christmas, suggesting strong holiday demand.
Shares of Hua Xia Bank rose 3.2 percent after Deutsche Bank agreed to sell its 20 percent stake in the Chinese lender to insurer PICC Property and Casualty Co, ending a major source of uncertainty. Dow members ExxonMobil and Chevron both lost about 1.3 per cent after oil prices fell, but most other sectors also had down days.
The Dow is up 168.81 points, or 1 percent. The yield on the 10-year Treasury note was 2.313%, compared with 2.310% on Tuesday.
Pep Boys rose 8.79 per cent after the auto parts retailer’s board found Carl Icahn’s latest offer superior to the deal it accepted from Japan’s Bridgestone.
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Declining issues outnumbered advancing ones on the NYSE by 1,912 to 742. The benchmark was up just 1 percent for the year, having fluctuated throughout December on the back of the Federal Reserve’s first interest-rate rise in nearly a decade.