Wall Street dragged lower by biotech stocks
Date
8/25/2016 2:54:40 AM
(MENAFN- ProactiveInvestors - Australia)
U.S. equities closed lower on Wednesday after oil glut and housing data headwinds join a drop by biotech stocks and after-hours shock from HP.
By the close the Dow Jones had fallen 0.4% to 18,482. The S & P 500 lost 0.5% to 2175, while the NADAQ slumped 0.8% to 5218.
After hours, computer maker HP Inc (NYSE:HPQ), reported Street-beating third quarter earnings – but the post-hours share price was down 4.9% at $13.70 after the firm revealed a current quarter outlook that missed Wall Street expectations.
Palo Alto-based HP said it expects to post adjusted earnings, which exclude certain factors, of 34 to 37 cents a share in the current quarter, shy of Wall Street expectations for 40 cents.
Commodities
West Texas Intermediate slumped another 2.8% to US$46.77 a barrel.
The commodity remains under pressure due to supply glut fears.
The Energy Information Administration said that U.S. crude stockpiles climbed by 2.5 million barrels to a total of 523.6 million barrels in the week through August 19 as refinery inputs decreased and gasoline production fell.
Analysts had expected a 455,000-barrel fall.
Gold lost some sparkle as investors took a cautious approach ahead of the Jackson Hole meeting on Friday.
New York gold futures for December delivery settled down 1.2% at US$1330 an ounce.
Silver fell 1.3% to US$18.50 an ounce. <
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