Wall Street turns lower as oil descent continues pares 2014 advance

(MENAFN- ProactiveInvestors) Stocks turned lower on the final trading day of the year paring an annual advance after equity gauges reached all-time highs as crude oil prices continued their descent.

The S&P 500 (INDEXSP:.INX) fell 0.6 percent to 2062 at 3:37 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) slipped 0.4 percent to 17909 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) lost 0.5 percent to 4754.

Today’s slide concludes another banner year for U.S. stocks. Buoyed by a steadily improving U.S. economy expanding corporate profits and an accommodative Federal Reserve the Dow is on track to rise 8.3 percent for 2014. Its six-year rally is the longest since the nine straight years of gains that ended in 1999.

The S&P 500 is tracking a gain of 12.4 percent its third straight year of gains.

Market watchers say 2015 won’t be without its challenges. Stocks are expensive compared with historical levels and the Federal Reserve is widely expected to raise interest rates sometime in the next year. While the U.S. economy is growing at an expanding clip Europe’s is showing signs of trouble and China’s long-booming economy has been cooling.

Stock markets were closed in some countries including Germany and Japan. The Stoxx Europe 600 index rebounded from a prior-day fall up 0.4 percent.

In Asia the Shanghai Composite Index rose 2.2 percent and notched a yearly gain of 53 percent. Hong Kong’s Hang Seng Index rose 0.4 percent and gained 1.3 percent for the year.

Gold prices declined 1.4 percent today and 1.5 percent for the year to settle at $1184.10 an ounce on the New York Mercantile Exchange.

West Texas Intermediate for February delivery slid 1.6 percent today to finish at $53.27 a barrel on the New York Mercantile Exchange. The U.S. benchmark ended a rough 2014 with a 46 percent slump.

Brent for February settlement fell 2 percent to $56.75 a barrel on the London-based ICE Futures Europe exchange. Prices surrendered 49 percent this year.

NephroGenex (NASDAQ:NRX) a clinical-stage pharmaceutical company almost tripled to $13.62 after announcing positive safety study results for its diabetic nephropathy treatment Pyridorin. 

American Eagle Energy (NYSEMKT:AMZG) an oil and gas exploration and production company fell  2.2 percent to $0.646 paring earlier loss to as low as $0.51 after saying it has suspended its drilling operations and likely won’t resume until oil prices improve. 

Jobless claims rose more than expected in the latest week snapping four straight weeks of declines though the rise was not enough to change views of sustained labor market strength.

Separately U.S. Midwest business activity slowed more than expected in December while November pending home sales were stronger than forecast.

Eight of the 10 major groups in the S&P 500 have advanced this year. Utility shares jumped 26 percent the largest advance while a rout in oil prices has sent a gauge of energy companies down 9.2 percent this year the most since 2008. The best-performing S&P component in 2014 is Southwest Airlines Co up 126 percent while the worst is Transocean Ltd down 62 percent.

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