Crude oil plummeted on Wednesday after weekly inventories data showed a surprise increase in stocks. West Texas Intermediate crude fell below $42 a barrel. Shares of Seagate (STX) were lower after the company announced its acquisition of software company Dot Hill Systems (HILL). The deal puts Dot Hill at a hefty premium of 88% to Tuesday’s close. Stocks were sharply lower ahead of the Federal Reserve’s July meeting minutes out this afternoon. Investors grew nervous the Fed would raise rates in September despite soft inflation. Lowe’s (LOW) saw active trading after reporting a mixed quarter. The home improvement chain beat sales estimates thanks to strong demand for kitchen appliances.
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