By Markus Heitkoetter
￼It was another choppy day for U.S. markets.
Stocks spent most of the day teetering between positive and negative territory. But in the end, a late session sell-off sent stocks lower, and the major indices finished near lows of the day.
The S&P ended the session with a 0.6% loss. The S&P lost 12 points and closed at 2018.94.
The DOW lost 0.3%. Down 49 points, the DOW finished the day at 17168.61.
Like yesterday, the NASDAQ led the decline. The NASDAQ experienced a 0.8% loss and ended the day at 4840.12 with a 41 point decline.
Taking a look at commodities, Crude Oil (CL) can’t seem to catch a break.
After trading at levels not seen since July, CL has been in a virtual freefall. Since breaking the $50 mark on October 9th, CL has lost 9.8%. CL finished the open outcry session 2.3% lower today at $45.22 a barrel. Closing lower 6 out of the last 8 sessions, CL is trading at a 3-week low.
Gold (GC) also struggled, losing 0.9%. Just a few days ago GC was within striking distance of $1200 (the first time since June). Since then, GC has traded lower in 3 of the last 4 sessions. GC ended the open outcry session today at $1167.1 an ounce.
Speaking of freefalls, Valeant Pharmaceuticals (VRX) made headlines today after being down as much as 40%. The drop came after a report published by Citron Research. The report claims that VRX is involved in an “Enron-like” scheme that uses “phantom accounts” to misrepresent sales. VRX ended the day at $105.98 with a 27.8% loss.
Looking at tomorrow’s economic calendar we have Weekly Unemployment Claims at 8:30am ET, followed by Existing Home Sales at 10:00am ET.