Oil Falls, Settles Below $50 a Barrel
The Dow fell nearly a half percent Wednesday, but it wasn't enough to sink it in the red for the year. The S&P 500 ended lower at 2,114, and the Nasdaq declined almost a percent.
Oil fell 3.28% to settle under $50 per barrel at $49.19; its lowest settle since April 2.
Gold was also down 1.09%, settling at $1,109.40 an ounce. This was gold's lowest settle since March 2010. Gold is down 10 straight days, its longest losing streak since September 2000.
Qualcomm reported earnings after the bell. The mobile chip giant delivered mixed results, beating on the bottom line but missing on revenues. The stock was relatively unchanged in after hours, despite the company announcing a 15% reduction in total head count.
American Express was also out Wednesday afternoon, with mixed results as well. The stock was down in after hours after the strong dollar hurt profits, especially in its international operations.