Toward the end of trading Wednesday, the Dow traded down 0.21 percent to 17,651.05 while the NASDAQ dipped 0.60 percent to 4,674.29. The S&P also fell, dropping 0.32 percent to 2,045.28.
Leading and Lagging Sectors
Energy shares jumped by 0.44 percent on Wednesday. Top gainers in the sector included Niska Gas Storage Partners LLC NKA, up 10.8 percent, and Goodrich Petroleum GDP, up 7.1 percent.
In trading on Wednesday, basic materials shares dropped by 0.92 percent. Top losers in the sector included Cliffs Natural Resources CLF, down 16.1 percent, and AngloGold Ashanti AU, off 4.7 percent.
Top Headline
Lowe's Companies LOW reported better-than-expected third-quarter results and raised its sales forecast for the fiscal year 2014.
The Mooresville, North Carolina-based company posted quarterly earnings of $585 million, or $0.59 per share, up from $499 million, or $0.47 per share, in the year-earlier period.
Its sales climbed 5.6% to $13.7 billion from around $13 billion. However, analysts were expecting earnings of $0.58 per share on sales of $13.54 billion.
Equities Trading UP
Stage Stores SSI shares shot up 17.53 percent to $18.50 after the company reported a narrower-than-expected fiscal third-quarter loss.
Shares of Oplink Communications OPLK got a boost, shooting up 13.84 percent to $24.19 after the company agreed to be acquired by Koch Industries for $24.25 per share in cash.
China Distance Education Holdings DL shares were also up, gaining 19.91 percent to $17.95 after the company reported upbeat third-quarter results and issued a strong FY15 sales forecast.
Equities Trading DOWN
Shares of Cliffs Natural Resources CLF were down 16.01 percent to $8.57 following a company announcement that it is pursuing exit options for its Eastern Canadian iron ore operations, which may result in the closure of the Bloom Lake mine.
Constellium NV CSTM shares tumbled 15.88 percent to $17.64 after the company reported downbeat Q3 earnings.
Leju Holdings LEJU was down, falling 14.83 percent to $12.06 after the company reported downbeat Q3 revenue and issued a weak Q4 revenue forecast. However, the company reported better-than-expected quarterly earnings.
Commodities
In commodity news, oil traded up 0.86 percent to $75.25, while gold traded down 0.48 percent to $1,191.40.
Silver traded up 0.19 percent Wednesday to $16.21, while copper rose 1.05 percent to $3.02.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 slipped 0.04 percent, the Spanish Ibex Index dropped 0.54 percent, while Italy’s FTSE MIB Index rose 0.14 percent. Meanwhile, the German DAX jumped 0.17 percent and the French CAC 40 climbed 0.09 percent while UK shares fell 0.19 percent.
Economics
The MBA reported that its index of mortgage application activity rose 4.90% in the week ended November 14, 2014.
US housing starts declined 2.8% to an annual rate of 1.01 million in October versus 1.04 million in September. However, economists were projecting a starts rate of 1.02 million.
US crude supplies increased 2.6 million barrels for the week ended November 14, according to the Energy Information Administration. However, analysts were expecting a drop of 660,000 barrels. Gasoline inventories rose 1 million barrels, while supplies of distillates declined 2.1 million barrels in the same period.
The Federal Open Market Committee issued minutes from October 28-29 meeting.
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