Category: Stock Market News

U.S. stocks closed lower Wednesday as the energy sector and oil prices tumbled on higher domestic inventories and record production from Saudi Arabia. The Dow Jones Industrial Average closed down 37.39 points, or 0.2%, at 18,495.66, with shares of Exxon Mobil Corp. and Chevron Corp. leading decliners. The S&P 500 index fell 6.25 points, or 0.3%, to finish at 2,175.49, as the energy sector dropped 1.4%. The Nasdaq Composite index declined 20.90 points, or 0.4%, to close at 5,204.58. Crude oil for September delivery fell 2.5% to settle at $41.71 a barrel Wednesday.

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Oil futures settled at their lowest level in a week on Wednesday, pressured by an uptick in weekly U.S. crude inventories and news that Saudi Arabia saw record crude output in July. September WTI crude lost $1.06, or 2.5%, to settle at $41.71 a barrel on the New York Mercantile Exchange. That was the lowest settlement since August 3, according to FactSet data.

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Palladium futures took the spotlight among major metals Wednesday, rallying to their highest settlement in almost 14 months, buoyed by strong vehicle sales in China. The dollar-denominated metal, along with gold and silver, also got a boost from weakness in the U.S. dollar. September palladium rose $32.05, or 4.6%, to settle at $726. 40 an ounce, the highest futures finish since mid-June of last year, according to FactSet data. December gold settled at $1,351.90 an ounce, up $5.20, or 0.4%, while September silver added 32 cents, or 1.6%, to end at $20.17 an ounce.

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The Bank of England said Wednesday its offer to purchase U.K. government debt was met with strong demand, and that it reached its target of purchasing £1.17 billion ($1.53 billion) in bonds. The central bank purchased bonds with maturities of seven years to 15 years on Wednesday. The bank on Tuesday was only able to buy £1.12 billion in longer-dated bonds, or gilts, with analysts saying institutions such as pension funds and insurers were reluctant to sell such bonds because they need income to fulfill long-term liabilities. The yield on the 10-year gilt pared an earlier decline, and was down 1 basis point at 0.55%.

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Oil futures gained on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies climbed, but inventories of gasoline and distillates, which include heating oil and diesel, declined in the week ended Aug. 5. Crude supplies rose 1.1 million barrels. That was contrary to the 1.75 million-barrel fall expected by analysts polled by S&P Global Platts, but the American Petroleum Institute late Tuesday reported a larger climb of 2.1 million barrels, according to sources. Gasoline supplies fell 2.8 million barrels, while distillate stockpiles declined by 2 million barrels last week, according to the EIA. September crude tacked on 51 cents, or 1.2%, from Tuesday’s settlement to trade at $43.28 a barrel on the New York Mercantile Exchange. Prices traded at $42.98 before the data.

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U.S. stocks opened slightly higher Wednesday, trading near record levels. The S&P 500 was up less than 01% at 2,182. The Dow Jones Industrial Average was also up less than 0.1% at 18,540. The Nasdaq Composite was essentially flat at 5,226. Oil prices ticked higher, helping support energy shares, despite a report showing a larger-than-expected rise in crude inventories.

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The Bank of Japan plans to maintain its pledge to hit its 2% annual inflation target at the earliest possible date, according to a preliminary outline of a promised policy assessment, Reuters reported Wednesday. While the outline included no direct references to the future direction of the BOJ’s monetary policy, the tone suggested a reduction of its stimulus efforts is unlikely, Reuters said. The BOJ said last month that it would deliver a comprehensive assessment of its policies at its September policy meeting. In the report, the central bank blamed low oil prices, a 2014 sales tax hike and Japan’s deflationary mindset for tamping down inflation, Reuters said. “The BOJ is essentially saying is that they’re sticking to their guns,” said Doug Borthwick, managing director at Chapdelaine FX, a division of Tullett Prebon. The report elicited little reaction in the dollar-yen currency pair. The dollar is down 1% at 100.99 yen. It traded at 101.93 yen late Tuesday in New York.

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Heron Therapeutics Inc. shares jumped 17.7% in pre-market trade Wednesday after the company announced its chemotherapy-associated nausea and vomiting treatment had been approved by the Food and Drug Administration. The treatment, Sustol, works for five days, according to the company, while other such treatments are “generally effective for 48 hours or less.” Shares rose as much as 26% in Wednesday pre-market trade. Heron Therapeutics shares rose 19.7% over the last three months, compared with a 4.7% rise in the S&P 500 .

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Shares of U.S. Steel Corp. shed 4.1% in active premarket trade Wednesday, after the steel producer said it increased its share offering, and priced it at a discount to Tuesday’s closing price. Volume reached 3.2 million shares, making the stock the premarket’s most active. The company said late Tuesday that its public offering of 18.9 million shares, up from 17 million shares announced late Monday, priced at $23 a share, which was 5.2% below Tuesday’s closing price of $24.27. The company said it plans to use the $434.7 million in proceeds from the share sale for financial flexibility, capital expenditures and general corporate purposes. The stock, which had closed at an all-time low of $6.67 on Jan. 27, had more than tripled year to date through Tuesday, while the S&P 500 had gained 6.7%.

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From:: Stock Market News

Heron Therapeutics Inc. shares were halted in pre-market trade Wednesday before the company announced its chemotherapy-associated nausea and vomiting treatment had been approved by the Food and Drug Administration. The treatment, Sustol, works for five days, according to the company, while other such treatments are “generally effective for 48 hours or less.” Heron Therapeutics shares rose 19.7% over the last three months, compared with a 4.7% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News