US stocks fall as election angst overshadows Fed

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NEW YORK: Wall Street stocks finished lower Wednesday (Thursday in Manila) as anxiety over Republican Donald Trump’s move higher in presidential election polls pressured markets.

Energy shares dropped after a record build in US oil inventories, while Amazon and Google-parent Alphabet were among the weak links in technology.

Amid the narrowing presidential race, markets shrugged off the decision by the Federal Reserve to keep interest rates unchanged, as expected, and December now is in focus for an increase.

The Dow Jones Industrial Average dipped 0.4 percent to 17,959.64.


The broad-based S&P 500 dropped 0.7 percent to 2,097.94, while the tech-rich Nasdaq Composite Index fell 0.9 percent to 5,105.57.

US oil prices fell nearly 3 percent after commercial oil inventories surged by 14.4 million last week. Drillers Nabors Industries and Transocean shed 4.1 percent and 3.1 percent, respectively, while Dow member Chevron lost 1.0 percent.

In technology shares, Brocade Communication Systems jumped 9.6 percent on news it will be acquired by semiconductor company Broadcom for $5.9 billion. Broadcom rose 2.2 percent.

Video game developer Electronic Arts advanced 1.6 percent as second quarter net income jumped 50 percent to $1.3 billion on strong sales for games such as Battlefield 1 and Titanfall 2.

Office Depot shot up 15.1 percent as it announced plans to streamline its global store footprint after regulators rejected a takeover bid by Staples. Office Depot will close 300 stores in the US and sell its international business in Australia and mainland China, among other countries. AFP

 

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