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U.S. stocks scrap earlier gains to finish mixed

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The Dow Jones Industrial Average was 0.13% higher, while the S&P 500 fell -0.46% and the Nasdaq 100 was down -1.67%

On Wednesday, U.S. stocks scrapped earlier gains to close mixed. The Dow Jones Industrial Average was 36 points higher (+0.13%) to 28032, while the S&P 500 declined 15 points (-0.46%) to 3385 and the Nasdaq 100 sank 191 points (-1.67%) to 11247.

As expected, the Federal Reserve decided to keep the key interest rate unchanged at 0.00%-0.25%. The central bank said it would keep interest rates near zero at least through 2023.

Energy (+4.04%), Banks (+1.43%) and Capital Goods (+1.43%) sectors performed the best, while Technology Hardware & Equipment (-2.33%), Retailing (-1.67%) and Media (-1.4%) sectors lagged behind. Energy companies such as Occidental Petroleum (+8.68% to $11.64), Diamondback Energy (+7.9% to $32.91) and Marathon Oil (+5.07% to $4.56) rallied as oil prices surged 5.0%.

General Electric (+10.66%) was the top gainer, while Illumina Inc (-8.44%) and NVIDIA Corp (-3.67%) were among the top losers.

Approximately 64.2% of stocks in the S&P 500 Index were trading above their 200-day moving average and 53.7% were trading above their 20-day moving average.

U.S. official data showed that Retail Sales rose 0.6% on month in August.

The benchmark U.S. 10-year Treasury yield increased one basis point to 0.688%.

U.S. WTI crude oil futures (October) jumped 4.9% to $40.16 a barrel. Oil prices rose after the U.S. Energy Information Administration reported an unexpected reduction of 4.4 million barrels in crude-oil stockpiles.

Spot gold rose $5.00 (+0.25%) to $1,959 an ounce.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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