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5/11/2016, 9:59 PM (Source: TeleTrader)
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U.S. stocks saved by closing bell

Latest round of unimpressive earnings incited a stock sell-off on Wednesday, as the U.S. markets almost ignored an oil prices rally following unexpected inventory depletion. Retail sector started bleeding even before market open, while oil companies enjoyed their own price surge.

The Dow Jones Industrial Average fell around 200 points in the afternoon trade and closed 1.16% lower at 17,716 points. The Walt Disney Company suffered a loss of 4.05% and Nike dropped 3.70%. Wal-Mart fell 3.46%. Microsoft was the only gainer on index, adding just 0.06%.

The S&P 500 index fell 0.95% to close at 2,064 points. Retail crashed: Staples plunged 18.34%, Macy's sunk 15.17%, Michael Kors was down 11.81%. Electronic Arts was the best performer rocketing up 13.70%. Most of other gainers profited from running oil prices: Freeport-McMoRan up 6.91%, Marathon Oil up 4.36%, Devon Energy up 3.17%.

The tech-heavy Nasdaq 100 closed down 0.93% at 4,361 points, and admired Electronic Arts 13.70% gains, and Activision Blizzard was the distant second rising 1.92%. Amazon added 1.45%. Vertex Pharmaceuticals fell 6.12%, Western Digital dropped 4.25%.

In Canada, the S&P/TSX Composite inched up 0.09% to close at 13,788 points. Materials pushed the index up, and consumer segment weighed down.

Oil rally subsided as the U.S. domestic market settled, with the light sweet crude West Texas Intermediate rising 3.12% to $46.10 a barrel. The international benchmark Brent soared 4.02% to $47.43 a barrel by 9:50 p.m. CET.

The U.S. dollar index fell 0.43% to 93.85. The greenback expectedly fell to the Canadian loonie by 0.48% on stronger oil prices and also fell 0.44% against the euro, and was down 0.75% versus the Japanese yen by 10:00 pm. CET.

Gold rose 0.91% to 1,277.36 per fine ounce, and silver advanced 1.72% to $17.41 per fine ounce.

 

Image: Beta / AP

Breaking the News / ZR