A day after the Fed decided to raise interest rates a quarter of a percent for the first time in a decade, the volatile price of oil along with the energy sector caused the markets to drop today. Energy finished down 2.5% to lead nearly all S&P 500 sectors lower in afternoon trade. U.S. crude settled down 57 cents, or 1.6 percent, at $34.95 an ounce.
David Schiegoleit, managing director of investments at U.S Bank Private Client Reserve explained today’s drop on Wall Street to CNBC:
“The action we saw yesterday I think was a relief rally. … This morning I think the market has moved beyond that. Oil continues to fall this morning. Energy shares have fallen and that has dragged the market down with it.”
Read more on what rising inteerst rates will mean to you at bloomberg.com.
See a review of today’s market activity from CNBC below.
Here are the final numbers from Thursday, 12/17/15 on Wall Street:
Dow Jones Industrial Average: 17,495.84 (-253.25/ -1.43%)
NASDAQ: 5,002.55 (-68.58/ -1.35%)
S&P 500: 2,041.89 (-31.18 / -1.50%)