The markets closed lower for a third-straight day, the first time in more than two months. The selloff knocked the Dow back into negative territory for the year. The Nasdaq was the big loser Wednesday as the index fell 2.37% for its biggest selloff since April 10, 2014. The biotech and healthcare sectors led Wednesday's decline. As stocks tumbled the VIX jumped more than 13%, banking its third-straight day of gains -- its longest winning streak in more than two months. This is the biggest gain for the fear gauge since January.
U.S. oil rallied today despite a bearish EIA report showing inventories jumped more than expected last week to a new high. This is the fourth day in a row oil ended higher, marking crude's longest winning streak in seven weeks.
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And Warren Buffett has added yet another food name to his eclectic pallet -- Kraft. The mega merger shaking up grocery aisles Wednesday between Kraft and Heinz was facilitated by Buffett and Brazilian firm 3G Capital. The firm was also behind the Heinz purchase back in 2013 and purchased Burger King in 2010. The new Kraft-Heinz company is expected to be the fifth-largest food and beverage company in the world with the deal estimated to be worth about $40 billion. Shares of Kraft jumped more than 35% Wednesday, pushing the stock to an all-time high.
Now, here is what you need to watch tomorrow: Initial jobless claims are set to be released at 8:30 a.m. ET, and we'll continue to follow the latest on the tragic Germanwings flight, as a third American was confirmed to be on the flight.
Be sure to check out all of today's interviews on FOXBusiness.com/OnCall and tune into Countdown to the Closing Bell every week day at 3 p.m. ET.