The Dow Jones industrial average fell 309.54 points, or 1.76 percent, to 17,265.21 with every component in the index ending down. The S&P 500 lost 39.86 points, or 1.94 percent, to 2,012.37 and the Nasdaq Composite dropped 111.71 points, or 2.21 percent, to 4,933.47.
For the week, the S&P 500 fell 3.8 percent in its worst week since Aug. 21. The Dow fell 3.3 percent and Nasdaq dropped 4.1 percent for the week.
The continued plunge in oil prices added to investor uncertainty ahead of the Federal Reserve’s expected rate hike after its Dec. 15-16 meeting.
Brent futures fell to an almost seven-year low, while U.S. crude futures fell to just above $35 a barrel after the International Energy Agency said it expected the supply glut to worsen in 2016 as demand slows and OPEC shows no signs of slowing production in its fight for market share.
Adding to the somber mood, China’s yuan fell to its lowest in 4-1/2 years on concerns about the country’s slowing economy and expectations of a U.S. rate hike.
James of Wedbush said investors are worried about high-yield markets, especially as it relates to high-yield debt and energy needs after New York-based Third Avenue Management said Thursday it was trying to liquidate a roughly $1 billion junk bond fund in the biggest failure in the U.S. mutual fund industry since the 2008 financial crisis.
PG&E Corporation (NYSE:PCG) reported the gain of 0.12% and closed at $51.71 with the total traded volume of 2.29 million shares. Its market capitalization is $25.33 billion. The stock has a 52-week high price of $60.21 and its 52-week low was recorded at $47.33. PG&E Corporation (NYSE:PCG) recently recognized seven business partners as the best in several categories during the company’s 10th annual Supplier Awards dinner at the San Ramon Valley Conference Center. Among the seven winners, BARNARD Pipeline Inc. was named as the 2015 Supplier of the Year and 2015 Gas Operations Supplier of the Year.
Atlassian Corp Plc (NASDAQ:TEAM) declined -1.01% and ended at $27.50. The total traded volume was 2.29 million shares and market capitalization arrived at $5.80 billion. The stock has a 52-week high price of $28.50 and its 52-week low was recorded at $26.50, while during last trade its minimum price was $27.48 and it gained the highest price of $28.50. Atlassian Corp Plc (NASDAQ:TEAM) stated the pricing of its initial public offering of 22,000,000 Class A ordinary shares at a price of $21 per share. The shares are expected to begin trading on the NASDAQ Global Select Market on December 10, 2015 under the symbol “TEAM.” All of the shares are being offered by Atlassian. In addition, certain selling shareholders have granted the underwriters a 30-day option to purchase up to 3,300,000 additional Class A ordinary shares from them at the initial public offering price.
Sanchez Energy Corp (NYSE:SN) reported the decrease of -1.51% to close at $4.57 with the overall traded volume of 2.28 million shares. Its market capitalization on last close reached to $287.28 million. The company has the total of 61.91 million outstanding shares. Sanchez Energy Corp (NYSE:SN) an independent exploration and production company, focuses on the acquisition, exploration, and development of unconventional oil and natural gas resources in the onshore U.S. Gulf Coast. It has approximately 226,000 net leasehold acres in the oil and condensate, or black oil and volatile oil, windows of the Eagle Ford Shale in South Texas; and approximately 69,000 net leasehold acres in the Tuscaloosa Marine Shale in Mississippi and Louisiana. SN was founded in 2011 and is headquartered in Houston, Texas.