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1/20/2016, 10:16 PM (Source: TeleTrader)
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U.S. market close lower

As the closing bell sounded, Dow Jones Industrial Average was down 1.56% to 15,766, Nasdaq 100 fell 0.26% to 4,136, while the S&P 500 closed 1.17% lower at 1,859. Previously, the markets were fishing for bottom with more than 3% lows by the lunchtime, adding more misery following an ugly morning.

Among Dow Jones constituents, oil companies took the first blow, and the trend continued as Exxon Mobil Corporation shares dropped 4.21%, and Chevron Corporation shares fell 3.07%. The day’s worst performer was IBM, as the shares were crashing 4.80% lower. UnitedHealth Group was one of the few gainers, rising 1.93%, while Nike, Inc. shares were up 1.06%. Pfizer, Inc. was leading biotechnology sector with 0.07% gains.

At the open S&P 500 saw instant loss of 1.05%, and several of its constituents were bleeding as much as 9% of their respective values, and all sectors turning red during the day. By the time of the closing bell, energy sector pulled the index down: Devon Energy Corporation dived 7.67%, ConocoPhillips spilled 4.79%. On the winning side were Southwestern Energy Company with boost of 12.73%, while the Chesapeake Energy Corporation trimmed off part of its losses with a 6.82% rise.

Late in the trading day, Nasdaq 100 swung towards the gaining territory but also closed lower. The biotechnology companies rallied to the close: Celgene Corporation jumped 4.37%, and Regeneron Pharmaceuticals, Inc. bounced 3.34%. Hi-tech companies were leading on the losing side: Micron Technology, Inc. lost 6.94%, Cisco System, Inc. fell 3.98%, and Tesla Motors, Inc. dipped 2.94%. Microsoft Corporation recovered by 0.45%, and Apple, Inc. added 0.17%.

Oil was a deciding factor again. Light sweet crude benchmark WTI contracts for February were 2.55% lower at $28.69, and earlier in the day were briefly down more than 7%, at $26.42 a barrel. International benchmark Brent was down 1.88% at $28.19 a barrel, after plunging 5.22% to $27.23 a barrel during the day.

Gold once again proved to be a resort from the uncertainty, as the deepening global sell-off and crashing oil prices were pointing towards the precious metal. Gold spot prices rose 1.13% to $1,100 per ounce earlier in the day, and kept the trend: up 1.22% or $1,101.25 per ounce by the closing bell of the stock markets.

Breaking the News / ZR