Wall St. slides on lower crude prices, stock options expiry ~ Reuters

7:06 AM | December 21, 2015 BERITA No Comments
  • U.S. stocks closed lower on Friday for the second straight day, as concerns, ranging from a decline in crude oil prices to the global response to the Federal Reserve’s interest hike, weighed down the market.
  • The expiration of stock and index options contracts added volatility in a heavy trading volume day. The S&P and Dow had their worst two-day performance since Sept. 1, while indexes posted losses for the week.
  • "It’s a confluence of all the factors: oil prices continuing to run down, the Chinese trying to counteract the dollar and everyone is digesting, globally, what the Fed’s announcement means for emerging markets and everything else," said J.J. Feldman, portfolio manager at Miracle Mile Advisors in Los Angeles.
  • The Dow Jones industrial average .DJI closed down 367.25 points, or 2.1 percent, to 17,128.55, the S&P 500 .SPX had lost 36.34 points, or 1.78 percent, to 2,005.55 and the Nasdaq Composite .IXIC had dropped 79.47 points, or 1.59 percent, to 4,923.08. For the week, the Dow fell 0.8 percent, the S&P 500 fell 0.3 percent and the Nasdaq lost 0.2 percent.
  • Wall Street also remained anxious over an oil glut amid a demand slowdown. U.S. crude CLc1 futures settled the day down 22 cents, or 0.6 percent, at $34.73 a barrel. For the week, oil lost 2.5 percent.
  • The S&P 500 posted one new 52-week high and 37 new lows; the Nasdaq recorded 36 new highs and 136 new lows. Volume on the U.S. exchanges was 11.85 billion shares, compared to 7.24 billion average for the full session over the last 20 trading days, according to Thomson Reuters data.