A down day for U.S. markets Wednesday with the Dow dropping triple digits. Traders waited most of the day to hear from the Fed’s ‘Beige Book.’ The release showed lower oil prices slowed economic growth in several parts of the country. Crude futures gained a buck despite inventory increasing in the U.S. Trading reversed on Saudi Arabia’s decision to raise prices and comments from that country’s oil minister implying growing oil demand. Major oilers have cut capital spending on falling prices. Exxon (XOM) reduced future spending by 12% over this year following Chevron’s (CVX) cutting efforts. A downgrade pushed Alcoa (AA) to fall. Bank of America cut its rating for the stock to NEUTRAL from BUY. There were gainers in the session including gun maker Smith and Wesson (SWHC). Shares spiked 10% on better than expected earnings and outlook.
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