Wednesday, the US stock market closed lower with the broad based selling is seen across the commodities sectors on the back of Federal Reserve call against inflation. Further, there was report that Merrill Lynch is suing XL Capital Assurance over default protection on $3 billion of collateralized debt obligations also led the investors to take profit booking. However, on the positive side, Morgan Stanley reported better than expected earnings which tops earning estimates. Moreover, the Federal Housing Enterprise in order to foster increased liquidity in the U.S. mortgage market was relaxing its excess capital restrictions on Fannie Mae and Freddie Mac.
The Dow Jones Industrial Average (DJIA) dropped by 293 points to close at 12,099.66. The S&P 500 (SPX) index decreased by 32.32 points to close at 1,298.42 and the NASDAQ Composite (RIXF) fell 58.30 points to close at 2,209.96.
Among the Dow''s 30 components, 29 components ended in red zone mainly led by the stocks like Chevron Corp and Exxon Mobil down by 4.9% and 4.6% respectively.
A total of more than 2.3bn shares were traded on the NASDAQ, with declining stocks outpaced the advancing stocks by 2 to 1. On NYSE around 5.3bn shares traded for the day, with declining stocks outpaced the advancing stocks by 2 to 1.
Crude oil futures for the month of April delivery closed lower by $4.94 at $104.48 per barrel on New York Mercantile Exchange. The crude prices fell as dollar strengthen its position as against its rival currencies. Further, the report from the Energy Department, which shows a sharp rise in the crude inventories, also led the prices to lose some grounds. EIA reported today that U.S. crude inventories rose less than expected, up 200,000 barrels to 311.8 million barrels in the week ending 14 March.
The gold prices for the month of April delivery dropped by $59 to settle at $945.30 an ounce on the New York Mercantile Exchange. This sharp fall in the gold prices was the largest one-day decline in almost two years.
The Dow Jones Industrial Average (DJIA) dropped by 293 points to close at 12,099.66. The S&P 500 (SPX) index decreased by 32.32 points to close at 1,298.42 and the NASDAQ Composite (RIXF) fell 58.30 points to close at 2,209.96.
Among the Dow''s 30 components, 29 components ended in red zone mainly led by the stocks like Chevron Corp and Exxon Mobil down by 4.9% and 4.6% respectively.
A total of more than 2.3bn shares were traded on the NASDAQ, with declining stocks outpaced the advancing stocks by 2 to 1. On NYSE around 5.3bn shares traded for the day, with declining stocks outpaced the advancing stocks by 2 to 1.
Crude oil futures for the month of April delivery closed lower by $4.94 at $104.48 per barrel on New York Mercantile Exchange. The crude prices fell as dollar strengthen its position as against its rival currencies. Further, the report from the Energy Department, which shows a sharp rise in the crude inventories, also led the prices to lose some grounds. EIA reported today that U.S. crude inventories rose less than expected, up 200,000 barrels to 311.8 million barrels in the week ending 14 March.
The gold prices for the month of April delivery dropped by $59 to settle at $945.30 an ounce on the New York Mercantile Exchange. This sharp fall in the gold prices was the largest one-day decline in almost two years.
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