US stocks close mostly lower as energy falls more than 1%
US stocks closed mostly lower on Wednesday, with energy weighing, as oil prices fell sharply despite bullish inventories data. "I think the market is trying to process the big question that we all have, and no, it's not the Fed," said Kim Forrest, senior equity analyst at Fort Pitt Capital.
"The big question is: Is the economy getting better? We don't know." The Dow Jones industrial average closed about 30 points lower, erasing earlier gains, with IBM contributing the most losses. At session highs, the Dow had risen 96.73 points. The S&P 500 fell less than 0.1 percent, as energy dropped more than 1 percent. "Obviously, the market doesn't like uncertainty on any level," said Leslie Thompson, managing principal at Spectrum Management Group. "I think it's going to be hard for the market to move higher in the near term against this backdrop.
" The Nasdaq outperformed, gaining approximately 0.3 percent as Apple and the iShares Nasdaq Biotechnology ETF (IBB) rose 3.6 percent and 1.2 percent, respectively. Apple posted its best day since July 27 and hit a nine-month high.
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