March 26, 2014 -- 4:15 p.m. - 03/26/14
Stocks erased early gains and finished lower on Wednesday. The Dow fell 99 points to 16268 after rising as much as 98 points. The S&P 500 gave up an increase of 10 points, closing with a loss of 13 points to 1852. The NASDAQ declined 60 points to 4173.
Concerns surrounding the situation in Ukraine caused equities to reverse course. President Obama called for greater sanctions against Russia and military preparedness in response to the annexation of Crimea. As a result, a better-than-expected report on durable goods orders was overshadowed despite bookings increasing by 2.2% in February.
Eight of the 10 S&P 500 sectors declined. Materials paced the retreat. Newmont Mining lost 3.7% to $23.03 as the price of copper fell from a two-week high. Losses in technology also weighed on the market. Facebook announced its acquisition of virtual reality company Oculus and its shares dropped 6.6% to $60.60. The health care sector helped limit losses. Quest Diagnostics jumped 5.5% to $57.96 after the House proposed a bill that would provide Medicare reimbursement relief for lab testing.
NYSE Composite volume totaled more than 3.4 billion shares. On the NYSE, decliners beat advancers by 2-1 on issues and 7-2 on volume. The NASDAQ was 4-1 negative on issues and 7-1 negative on volume.
Treasury prices gained ground and a government auction of five-year notes received better than anticipated demand. The 10-year note gained 17/32 to yield 2.69%. The 30-year bond was up a full point to yield 3.54%.
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.