Wednesday, the US stock market ended in negative territory after a sharp gain in the Election Day, as investors digested the outcome of the U.S. presidential election and now think about the task ahead for newly elected President Barack Obama in tackling the beaten down economy. Further, the decline was driven by profit taking, and discouraging economic data on employment and the services sector.
On the economic front, the nonfarm private employment declined by 157,000 in the month of October, which is the largest decline since 2002 according to the ADP national employment report. The result was worse than the expected drop of 100,000.
According to the Institute for Supply Management''s national nonmanufacturing survey, the services sector contracted by the most since at least 1997 and the sixth time this year, which dates back to 1997. Specifically, the ISM Services Index for the month of October falling to 44.4% in October, from 50.2% in September and was also 2.6% worse than expected.
The Dow Jones Industrial Average (DJIA) dropped by 486.01 points to close at 9,139.27. The NASDAQ Composite (RIXF) index decreased by 98.48 points to close at 1,681.64 and the S&P 500 (SPX) dropped by 52.98 points to close at 952.77.
Among the Dow’s 30 components, all of its components ended in red mainly led by the stocks like Citigroup, Bank of America and General Motors down by 14%, 11.3% and 2.5% respectively.
A total of around 0.9 bn shares were traded on the NASDAQ, with declining stocks outpaced the advancing stocks by 10 to 3. On the New York Stock Exchange around 1.3bn shares traded for the day, with declining stocks outpaced the advancing stocks by 4 to 1.
Crude oil futures for the month of December delivery fell $5.23 at $65.30 per barrel on New York Mercantile Exchange. The crude prices fell after a government report that revealed no change to crude supplies and refinery activity. According to EIA, the crude supplies remain unchanged last week and stood at 311.9 million barrels. However, the motor gasoline supplies climbed unexpectedly, up by 1.1 million barrels in the latest week to 196.1
The gold for the month of December delivery fell $14.90 at $742.40 an ounce on the New York Mercantile Exchange. The gold prices fell after a sharp two days of sharp rally as traders digested the outcome of the U.S. presidential election.
On the economic front, the nonfarm private employment declined by 157,000 in the month of October, which is the largest decline since 2002 according to the ADP national employment report. The result was worse than the expected drop of 100,000.
According to the Institute for Supply Management''s national nonmanufacturing survey, the services sector contracted by the most since at least 1997 and the sixth time this year, which dates back to 1997. Specifically, the ISM Services Index for the month of October falling to 44.4% in October, from 50.2% in September and was also 2.6% worse than expected.
The Dow Jones Industrial Average (DJIA) dropped by 486.01 points to close at 9,139.27. The NASDAQ Composite (RIXF) index decreased by 98.48 points to close at 1,681.64 and the S&P 500 (SPX) dropped by 52.98 points to close at 952.77.
Among the Dow’s 30 components, all of its components ended in red mainly led by the stocks like Citigroup, Bank of America and General Motors down by 14%, 11.3% and 2.5% respectively.
A total of around 0.9 bn shares were traded on the NASDAQ, with declining stocks outpaced the advancing stocks by 10 to 3. On the New York Stock Exchange around 1.3bn shares traded for the day, with declining stocks outpaced the advancing stocks by 4 to 1.
Crude oil futures for the month of December delivery fell $5.23 at $65.30 per barrel on New York Mercantile Exchange. The crude prices fell after a government report that revealed no change to crude supplies and refinery activity. According to EIA, the crude supplies remain unchanged last week and stood at 311.9 million barrels. However, the motor gasoline supplies climbed unexpectedly, up by 1.1 million barrels in the latest week to 196.1
The gold for the month of December delivery fell $14.90 at $742.40 an ounce on the New York Mercantile Exchange. The gold prices fell after a sharp two days of sharp rally as traders digested the outcome of the U.S. presidential election.
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