Too much of a good thing is sometimes bad.
That was the case with a swelling global inventory of crude oil, which spooked investors Wednesday and sent energy stocks tumbling. Crude oil closed the day down 3.6 percent to $44.27 a barrel. Retail stocks were dragged down, too, and, after hovering in positive territory for most of the day, major U.S. indices all closed down.
The Dow Jones Industrial Average shed 239 points, or 1.5 percent, to close at 16,253, while the S&P 500 lost 1.4 percent to 1,942. The S&P 500 Retailing Industry Group Index lost 0.8 percent to end the day at 1,181.
Some of the sharpest decliners included The Men’s Wearhouse Inc., which fell 12.1 percent on a earnings report that didn’t seem to sit well with investors. Apple Inc.’s big show was a chance for investors to takes some profits, which pushed the stock down 1.9 percent to close at $110.15.
Aeropostale Inc. lost 5.4 percent to 90 cents, while The Movado Group dropped 4.9 percent to finish at $27.19. Sears Holdings Corp. ended down 4 percent to $25.75, and J.C. Penney Co. Inc. declined 3.4 percent to $9.64.
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Earlier in the day all the major indices in Asia and Europe closed the day with significant gains. In China, the Shanghai Index rose 2.3 percent to 3,243 while the Hong Kong Hang Seng Index rose 4.1 percent to finish at 22,131. In Japan, the Nikkei 225 rose 7.7 percent to close at 18,771.
In Europe, the German DAX increased 0.3 percent to 10,303 while the French CAC 400 climbed 1.5 percent to 4,665. London’s FTSE 100 gained 1.4 percent to close at 6,229.