U.S. Stocks Fell with the Nasdaq Hit the Hardest, Dow Down 292 Points

U.S. stocks fell for the third straight session at Wednesday’s closing bell. The sell-off accelerated in mid-session and ended with the Dow dropping 292 points. Crude oil settled above $49 a barrel. Concerns with the turmoil in Yemen offset earlier pressure after a government report showed supplies rose more than expected. Oil giants Chevron (CVX) and Exxon Mobil (XOM) were the only blue chip gainers. Biotech stocks weighed on the Nasdaq including NewLine Genetics (NLNK) which tumbled 11%. Chipmakers also pressured the Nasdaq including Advanced Micro Devices (AMD) and Micron Technology (MU). Kraft (KRFT) was a huge gainer, up 35%. Its merger with Heinz was the biggest news of the day. Heinz shareholders will own 51% of the combined company. Kraft shareholders will own 49% and get a special dividend of $16.50 a share.

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