U.S. stocks closed lower Wednesday, with shares of big technology companies and other momentum stocks bearing the brunt.
In U.S. economic news, after the market closed, the Federal Reserve (Fed) approved the capital plans of 25 of the nation’s 30 largest banks as part of the final leg of its annual required stress tests. Citigroup was among the five banks that had their capital plans rejected, meaning the bank will not be allowed to boost its dividend payment. Shares of Citigroup were down in extended trading.
The dollar gained ground against the pound but lost ground versus the euro and the yen. Light sweet crude oil for May delivery added $1.07 to $100.26 a barrel on the New York Mercantile Exchange. Gold futures dropped $8.00 to $1,303.40 an ounce.
The Dow Jones industrial average fell 98.89, or 0.60 percent, to 16,268.99. The broader Standard & Poor’s 500 index lost 13.06, or 0.70 percent, to 1,852.56. The technology-heavy Nasdaq composite index dropped 60.69, or 1.43 percent, to 4,173.58.