Stocks had another lackluster day, with lower oil prices and a troubled retail sector giving the market little reason to move higher.
The S&P 500 closed down 0.26%, Dow Jones Industrial Average fell 0.21%, and the Nasdaq declined 0.22%.
U.S. bond markets were closed for Veteran’s Day, which contributed to generally directionless trading.
General Electric and Amazon gave the biggest boost to the S&P, with GE up 1.77 percent and the online retail heavyweight rising 1.93 percent.
It was the second straight day of what investors described as largely directionless trading, with the U.S. Federal Reserve widely expected to raise interest rates in December for the first time in nearly a decade.
“The market has nothing to concentrate on. That’s why you’re seeing narrow overall moves, even if individual stocks are doing well,” said Donald Selkin, chief market strategist at National Securities in New York, which has about $3 billion in assets under management.
“Everyone is waiting around for the next major event,” he said.
Energy stocks were weighed down by a more than 3 percent drop in oil prices to their lowest since mid-September on worries about growing U.S. stockpiles.
The S&P energy sector was off 2.08 percent, the steepest decline among the 10 major S&P sectors. Exxon Mobil and Chevron each dropped about 1 percent.
Navios Maritime Partners L.P. (NYSE:NMM) fell -2.80% or -0.14 points on Wednesday and made its way into the losers of the day. After trading began at $5.00 the stock was seen hitting $5.00 as a peak level and $4.70 as the lowest level. The stock ended up at $3.86. The daily volume was measured at 1.10 million shares. The company has a market cap of $423.88 million. The mean estimate for the short term price target for Navios Maritime Partners L.P. (NYSE:NMM) stands at $8.40 according to 10 Analysts. The higher price target estimate for the stock has been calculated at $18 while the lower price target estimate is at $6. On Feb 3, 2015, the shares registered one year high at $14.19 and the one year low was seen on Nov 11, 2015. The 50-Day Moving Average price is $-34.15 and the 200 Day Moving Average price is recorded at $-48.48.
Aeropostale Inc (NYSE:ARO) fell -2.77% or -0.0021 points on Wednesday and made its way into the losers of the day. After trading began at $0.78 the stock was seen hitting $0.79 as a peak level and $0.73 as the lowest level. The stock ended up at $0.749. The daily volume was measured at 1.39 million shares. The mean estimate for the short term price target for Aeropostale Inc (NYSE:ARO) stands at $1.39 according to 13 Analysts. The higher price target estimate for the stock has been calculated at $2.25 while the lower price target estimate is at $0.50. On Mar 2, 2015, the shares registered one year high at $4.39 and the one year low was seen on Oct 29, 2015.
Men’s Wearhouse Inc (NYSE:MW) traded down -2.67% during trading on Wednesday, hitting $22.17. The stock had a trading volume of 1.63 million shares. The stock has a market cap of $1.07 billion and a price-to-earnings ratio of 3.63. Men’s Wearhouse Inc (NYSE:MW) has dropped -61.73% during the last 3-month period. Year-to-Date the stock performance stands at -51.28%. The stock price is expected to reach $ 30.80 in the short term. The number of analysts agreeing with this consensus is 5. The higher estimate for the short term price target is at $35 while the lower estimate is at $27. On June 22, 2015, the shares registered one year high at $66.18 and the one year low was seen on Nov 10, 2015.