STOCKS SLIDE AFTER THE FED: Here's what you need to know
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Reuters
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All three major indexes traded into negative territory throughout the day. This also marked the seventh-straight day of decline for the S&P 500, which usually means nothing good for the stock market.
We've got all the big headlines for you, but first, the scoreboard:
- Dow: 17,976.87, -60.23,(-0.33%)
- S&P 500: 2,099.29, -12.43, (-0.59%)
- Nasdaq: 5,107.77, -45.81, (-0.88%)
- WTI crude oil: $45.49, -$1.18, (-2.53%)
- The Federal Reserve said that the case for a rate hike "continued to strengthen." The statement also contained two dissents from Esther George and Loretta Mester. Based on the language from the Fed, it appears that a December rate hike is highly likely
- Crude oil crashed on the largest inventory build in at least 32 years. The Energy Information Administration said that US crude oil inventories increased by 14.42 million barrels in the past week. This is the largest increase in a week since at least 1984.
- The Mexican peso was slammed again after more favorable polling data for Trump. The currency, which has been seen as a proxy for investors opinions of the likelihood of Donald Trump winning the election, weakened by 1.19% for the day.
- Health insurer Anthem may dump Obamacare. The company said it would need to see improving trends in the Affordable Care Act's public exchanges to continue to keep up its current offerings of states. CEO Joseph Swedish did say the firm expects its ACA business to be profitable in 2017.
- Alibaba beat on earnings. The Chinese online retailer beat with earnings of 5.26 Chinese yuan per share against analyst expectations of 4.69 Chinese yuan per share. Despite the beat, the stock fell a little over 2%.
- Frozen orange juice hit an all-time high. The commodity made famous by Trading Places hit an intraday all-time high of $2.3300 in trading on Wednesday.
- Facebook earnings are on the way after the bell. Earnings per share is expected to be $0.97 per share and revenue is expected at $6.92 billion for the quarter.
ADDITIONALLY:
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