U.S. stocks closed lower Wednesday, erasing all the of previous session’s gains as a sharp selloff in energy and utilities dragged indexes lower.
Oil futures sank under $40 a barrel as U.S. crude supplies climbed for the 10th straight week, while a strengthening dollar continued to put pressure on the commodity.
The S&P 500 SPX, -1.10% declined 23.12 points, or 1.1%, to 2,079.51 with all 10 main sectors finishing in negative territory. The energy sector fell 3.1%, while utilities, which are sensitive to higher interest rates, fell 2.2%. The benchmark index traded above 2,100 on Tuesday for the first time in nearly a month.
“The 2,100 level on the S&P 500 has been a magnet, but as soon as we reach it, we seem to reverse right after. This has been the theme of 2015—stocks moving sideways for the entire year,” said Michael Antonelli, equity sales trader at R.W Baird & Co.
The Dow Jones Industrial Average DJIA, -0.89% lost 158.67 points, or 0.9%, to 17,729.68 and turned negative for the year. Shares of Chevron Corp. CVX, -2.41% and Exxon Mobil Corp. XOM, -2.86% lead the decline, while 29 of its 30 members closed lower.
The Nasdaq Composite COMP, -0.64% ended the day down 33.08 points, or 0.6%, at 5,123.22, as shares of Amazon.com Inc. AMZN, -0.45% Netflix Inc. NFLX, +2.84% and Alphabet Inc. GOOG, -0.61% GOOGL, -0.76% retreated from intraday highs.
Shares of Yahoo Inc. YHOO, +5.75% jumped on news of potential sale of its core Internet business, while Qualcomm Inc. QCOM, +5.17% rallied after announcing a patent license deal with a Chinese company.
In a speech to the Economic Club of Washington, Federal Reserve Chairwoman Janet Yellen said that two requirements for a rate increase, job growth and higher inflation, are being met.
Helix Energy Solutions Group Inc (NYSE:HLX)stock edged lower by -4.50% to close Wednesday’s session at USD 6.16. The company’s shares hovered between USD 23.93and USD 4.57(marking a new 52-week high/low) during the session. The stock traded with the volume of 1.97million shares, which was above/below its 3 month average volume of 1.96million shares. Over the last 5 days, Helix Energy Solutions Group Inc shares have declined by -4.50%. Helix Energy Solutions Group Inc (NYSE:HLX)on Nov. 24, 2015 declared that it will be presenting at the Capital One 10th Annual Energy Conference in New Orleans, LA at the Omni Royal Orleans Hotel on Wednesday, December 9, 2015.
Live audio feed and replay of the presentations will be publicly available. The presentation may be accessed under the “For The Investor” section of Helix’s website, www.HelixESG.com.
The company was formerly known as Cal Dive International, Inc. and changed its name to Helix Energy Solutions Group, Inc. in March 2006. Helix Energy Solutions Group, Inc. was incorporated in 1979 and is headquartered in Houston, Texas.
TherapeuticsMD Inc (NYSEMKT:TXMD) lost -4.49% to close Wednesday’s session at USD 7.23. The shares of the company fluctuated in the range of USD 8.83and USD 3.44(marking a new 52-week high/low) during the session. A trading volume of 1.23million shares was recorded, which was greater than its 1 month daily average volume of 953,233.00 shares. Over the three months, TherapeuticsMD Inc shares have declined by 15.50%. TherapeuticsMD Inc (NYSEMKT:TXMD)operates as a women’s health care product company. The company manufactures and distributes prescription and over-the-counter product lines, including prenatal vitamins, iron supplements, vitamin D supplements, and natural menopause relief products under the vitaMedMD brand, as well as duplicate formulations of its prescription prenatal vitamins products under the BocaGreenMD Prena1 name. The company also focuses on conducting the clinical trials for hormone therapy pharmaceutical products that are designed to alleviate the symptoms of and reduce the health risks resulting from menopause-related hormone deficiencies, including hot flashes, osteoporosis, and vaginal discomfort. In addition, it manufactures and distributes branded and generic prescription prenatal, as well as OTC vitamins.
Cowen Group Inc (NASDAQ:COWN)‘s stock decreased by -4.44% to close Wednesday’s session at USD 4.52. The Company’s shares oscillated in the range of USD 4.42and USD 4.74. A total of 1.32million shares exchanged hands, which surpassed its 1 month daily average volume of 787,588.00 shares. Over the last five days Cowen Group Inc shares have declined by -1.95%. Cowen Group Inc (NASDAQ:COWN)on Nov. 09, 2015 stated thatseveral senior hires at Cowen and Company. Michael Wildish, who is based in New York, has joined the firm as Managing Director, Mergers & Acquisitions. Iain Franks joined as Managing Director and Head of Convertible and Equity-Linked Products, and Eric Grant joined as Managing Director and Senior Trader, Convertible and Equity-Linked Products. Mssrs. Franks and Grant are based in San Francisco.
“We continue to opportunistically enhance our investment banking capabilities in ways that complement our areas of strength,” said Kevin Raidy, Head of Investment Banking. “Our senior bankers have strong client relationships in equity and debt capital markets. With the addition of Michael and our expanded advisory expertise, we are positioned to deepen these relationships across verticals. Michael, a seasoned M&A veteran, brings a wealth of transaction experience and his insights will serve our clients well.”