March 8, 2017: The S&P 500 closed slightly lower on the day, down 0.23%, or 5.41 points at 2,362.98. Overall this was brought about by weakness primarily in the energy sector. The majors in the Energy Sector, Exxon and Chevron were down about 2% each, but the smaller independent oil and gas firms got slaughtered—which really pulled the sector down. It seemed that the only positive sector was Health Care, which is clawing back from its losses on Tuesday. Separately, the DJIA closed down 0.33% on the day at 20,855.73, down approximately 69.03 points.
Crude Oil crashed on the day, closing at $50.30 down 5.3% from Tuesday’s close.
Gold also sank lower in Wednesday’s session down 0.6% or $7.50 to close at $1,208.60.
As we said before the strong industries that propped up the index were Biotech and Health Care stocks. These were reacting to the new Republican health care plan. Funny that just yesterday these were the biggest drag on the S&P 500, now they are the strongest pillar propping the index up.
Obviously, after seeing oil crater by so much on Wednesday, independent oil and gas companies led the charge downward with some help from Utilities as well.
The S&P 500 stock posting the largest daily percentage loss ahead of the close Wednesday was Marathon Oil Corp. (NYSE: MRO) which traded down 8.7% at $14.86. The stock’s 52-week range is $9.65 to $19.28. Volume was about 108% of the daily average of around 11.32 million shares. The company had no specific news but was continuing to drop from falling crude prices.
The stock posting the largest daily percentage gain in the S&P 500 ahead of the close Wednesday was H&R Block, Inc. (NYSE: HRB) which jumped nearly 15% to $23.94. The gain was due to the company’s most recent earnings report. The stock’s 52-week range is $19.18 to $28.61. Volume was about 17.22 million, well above the daily average of around 2.91 million shares.
Take Charge of Your Retirement In Just A Few Minutes (Sponsor)
Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s simple quiz makes it easier than ever for you to connect with a vetted financial advisor.
Here’s how it works:
- Answer a Few Simple Questions. Tell us a bit about your goals and preferences—it only takes a few minutes!
- Get Matched with Vetted Advisors Our smart tool matches you with up to three pre-screened, vetted advisors who serve your area and are held to a fiduciary standard to act in your best interests. Click here to begin
- Choose Your Fit Review their profiles, schedule an introductory call (or meet in person), and select the advisor who feel is right for you.
Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.