Stocks Closed Lower as Oil Dived

U.S. stocks closed lower for a second day in a row on Wednesday, after a rebound in crude oil prices fizzled out. The Dow Jones Industrial Average declined 50.58 points, or 0.31%, to 16,279.89. The S&P 500 fell 3.98 points, or 0.20%, to 1,938.76. The Nasdaq Composite
slid 3.98 points, or 0.08%, to 4,752.74.

Global oil markets tumbled on Wednesday, with U.S. crude futures settling down 4 percent.Brent, the global benchmark for oil, LCOc1 settled down $1.33, or 2.7 percent, at $47.75 a barrel. U.S. crude slumped $1.88, or 4.1 percent, to settle at $44.48.

Growth in the US manufacturing sector showed no month-over-month change during September, staying at August’s sluggish pace which was the weakest in almost two years, according to an industry report released on Wednesday. Financial data firm Markit said its preliminary
US Manufacturing Purchasing Managers’ Index for September was 53. That was the same as August, which was its lowest since October 2013.

Boeing Co (BA) said on Wednesday it had won orders and commitments from China for 250 narrowbody 737 aircraft and 50 widebody aircraft, valued at about $38 billion at list prices.

J.C. Penney Co. is switching chief merchants and elevating an insider to the crucial role ahead of the holiday shopping season. The department-store chain said Wednesday it was promoting John Tighe to the role of chief merchant starting Oct. 1, replacing Elizabeth
Sweney, who has held the job since 2012.