US close: Market rebound loses momentum as crude plummets

On Tuesday, US stocks rallied earlier on but the rebound faded towards the end of the session as energy shares slid with the price of oil dropping over four percentage points.

The Dow Jones Industrial Average closed 2.99 down to 16,318.08 points, while the S&P 500 gained 3.03 to 1,877.74 points and the Nasdaq gained 13.52 to 4,227.17 points.

There was mixed data from Europe, with UK inflation slowing to a five-year low, while the German government cut its economic forecasts for this year and next. Consumer prices fell in Sweden and Spain.

“Following a sharp decline to indices at the close of US equities on Monday night, prices have once again stabilised for the time being,” said David White, financial trader at Spreadex.

“The extent to which global growth concerns are being played out in prices currently shows just how vulnerable the market is to the idea of equities being overvalued.

“This could be a relatively normal stage in this bull-run, where investors seek to re-balance based on anxiety. This in itself could help to promote the longevity of performance for equities by removing some of the so-called froth.

In equity markets' favour, the S&P 500 has still to confirm the loss of its so-called 200-day moving average and is well inside 'oversold' territory, as technical analysts would say.

In corporate news, Johnson & Johnson dropped 2.13% even though its third quarter results exceeded estimates and the firm raised its full year estimates, while Citigroup gained 3.1% as lending improved and bond-trading revenue increased.

Wells Fargo & Co. slipped 2.73% even though the bank’s revenues beat estimates and quarterly profit was on target, while JP Morgan swung to a third quarter profit, but shares fell 0.29% as the banking giant’s revenue and profits per share missed expectations.

Versar surged 16.67% as fears over an Ebola outbreak continued to grow, though Lakeland Industries, which has risen274% this year, and Alpha Pro Tech both plummeted over 26% after soaring over the last couple of days in the wake of Ebola-related panic.

Domino’s Pizza leaped 11.33% after delivering better than expected results, while Intel rose 3% after its result beat estimates

Apple dropped 1.6% on the heels of the Irish government's announcement that it will move to close some of its corporate-tax loopholes.

The yield on the 10-year Treasury note dropped eight basis points to 2.20%, while the yield on the 30-year Treasury bond fell six basis points to 2.96 and the yield on the five-year note shed nine basis points to 1.45.

Gold futures edged forward a little, while the price of West Texas intermediate crude continued to fall, losing over four percentage points and closing at just under $82 a barrel.

The dollar moved up against the pound and the euro but was in retreat against the yen.

S&P 500 - Risers
Delta Airlines Inc. (DAL) $32.79 +6.12%
Peabody Energy Corp. (BTU) $10.80 +4.85%
Textron Inc. (TXT) $33.83 +4.80%
Diamond Offshore Drilling Inc. (DO) $37.99 +4.57%
Coach Inc. (COH) $35.62 +4.43%
Borg Warner Inc. (BWA) $52.44 +4.38%
Avago Technologies Ltd. (AVGO) $72.02 +4.32%
Harman International Industries Inc. (HAR) $89.01 +4.28%
Southwest Airlines Co. (LUV) $30.00 +3.88%
Ryder System Inc. (R) $80.19 +3.74%

S&P 500 - Fallers
Newfield Exploration Co (NFX) $26.27 -5.67%
QEP Resources Inc (QEP) $21.96 -4.69%
Tyco International Ltd (TYC) $39.69 -4.45%
Nabors Industries Ltd. (NBR) $16.82 -4.27%
Gilead Sciences Inc. (GILD) $97.18 -4.20%
Archer-Daniels-Midland Co. (ADM) $43.08 -3.75%
NRG Energy Inc. (NRG) $28.12 -3.47%
Autodesk Inc. (ADSK) $50.17 -3.41%
Phillips 66 Common Stock (PSX) $70.59 -3.37%
Aetna Inc. (AET) $73.98 -3.21%

Dow Jones I.A - Risers
Intel Corp. (INTC) $32.14 +2.13%
Boeing Co. (BA) $122.29 +1.53%
Caterpillar Inc. (CAT) $92.80 +1.22%
3M Co. (MMM) $134.18 +0.96%
United Technologies Corp. (UTX) $100.12 +0.82%
General Electric Co. (GE) $24.10 +0.63%
Cisco Systems Inc. (CSCO) $23.06 +0.55%
Wal-Mart Stores Inc. (WMT) $77.98 +0.54%
McDonald's Corp. (MCD) $91.10 +0.41%
Merck & Co. Inc. (MRK) $56.33 +0.34%

Dow Jones I.A - Fallers
Johnson & Johnson (JNJ) $97.01 -2.13%
Chevron Corp. (CVX) $109.78 -2.01%
Unitedhealth Group Inc. (UNH) $82.82 -1.35%
Coca-Cola Co. (KO) $43.64 -0.98%
Visa Inc. (V) $202.72 -0.76%
Home Depot Inc. (HD) $90.10 -0.55%
Nike Inc. (NKE) $85.09 -0.35%
Exxon Mobil Corp. (XOM) $90.55 -0.32%
Verizon Communications Inc. (VZ) $48.22 -0.31%
JP Morgan Chase & Co. (JPM) $57.99 -0.29%

Nasdaq 100 - Risers
Nxp Semiconductors Nv (NXPI) $56.58 +4.97%
Avago Technologies Ltd. (AVGO) $72.02 +4.32%
CH Robinson Worldwide Inc (CHRW) $65.58 +3.37%
Garmin Ltd. (GRMN) $50.79 +2.92%
PACCAR Inc. (PCAR) $57.07 +2.66%
Expeditors International Of Washington Inc. (EXPD) $39.22 +2.64%
Netflix Inc. (NFLX) $449.05 +2.39%
Nvidia Corp. (NVDA) $17.17 +2.32%
Applied Materials Inc. (AMAT) $19.34 +2.25%
Intel Corp. (INTC) $32.14 +2.13%

Nasdaq 100 - Fallers
Gilead Sciences Inc. (GILD) $97.18 -4.20%
Autodesk Inc. (ADSK) $50.17 -3.41%
Expedia Inc. (EXPE) $74.75 -2.08%
Alexion Pharmaceuticals Inc. (ALXN) $159.46 -2.03%
Mylan Inc. (MYL) $46.82 -1.72%
Vertex Pharmaceuticals Inc. (VRTX) $104.26 -1.56%
Adobe Systems Inc. (ADBE) $60.88 -1.30%
Dish Network Corp. (DISH) $58.86 -1.26%
Regeneron Pharmaceuticals Inc. (REGN) $328.07 -1.21%
Charter Communications Inc. (CHTR) $142.97 -1.16%