Stocks ended lower Wednesday as Wall Street mulled rising oil prices, unrest in Syria and the release of the minutes from the March 21 Fed meeting.
XA close near session lows for the major stock indexes was a bit disappointing after Tuesday's follow-through day for the major stock indexes.
The Dow Jones industrial average lost 0.9%, weighed down by weakness in Boeing (BA) and UnitedHealth (UNH). Both lost around 2%. The S&P 500 gave back 0.6% and the Nasdaq composite eased 0.4%. Preliminary data showed volume on the NYSE and Nasdaq coming in lower than Tuesday's levels.
The minutes from the March 21 Federal Reserve meeting were released at 2 p.m. ET. The minutes showed that more rates hikes are on the way amid an improving economy.
Oil Extends Gains On Mideast Strife
At the New York Mercantile Exchange, benchmark crude oil jumped 2% to $66.82 a barrel amid rising tensions in the Middle East. President Trump warned Russia to "get ready" for a missile strike against Syria. Separately, government supply data showed that U.S. inventories rose 3.31 million barrels in the latest week, more than expected.
Among the day's movers, AeroVironment (AVAV) was another top gainer. Shares surged 17% after Stifel upgraded shares to buy from hold and raised its price target to 65 from 45. AeroVironment makes unmanned aerial vehicles for surveillance and reconnaissance.
Meanwhile, defense contractor Raytheon (RTN) extended its winning streak to three sessions. Shares rose 0.1% to 218.37. It's setting up in a flat base with a 222.92 entry.
A couple of FANG stocks buoyed the Nasdaq. Leaderboard name Netflix (NFLX) added nearly 2%. Bullish analyst commentary has been getting louder ahead of the company's earnings report due Monday after the close. Facebook (FB), meanwhile, added close to 1% as CEO Mark Zuckerberg continued testimony on Capitol Hill. Shares up nearly 6% so far this week.
Hotel Operator Soars
Heavy-volume gainers included Hilton Worldwide (HLT). Shares jumped 6% to 79.55 after the company announced a secondary offering of 60 million shares by a selling stockholder affiliated with China-based HNA Tourism Group. The offering was priced at 73.
Inside the IBD 50, Atlassian (TEAM) continued to find support at the 50-day moving average ahead of next week's earnings report. Shares rose nearly 3%. Results are due April 19 after the close.
RELATED:
Check Out These 4 Online Brokers: This One Is In Buy Range
Oil Prices Keep Soaring As Trump Threat Trumps Rising Output, Supply
Alexion Jumps On Biotech Merger Bandwagon With $855 Million Buy
