Stocks Opened Lower as Oil Slump Continued

U.S. stocks opened lower on Wednesday, as a slump in oil continued to put pressure on equities. The Dow Jones Industrial Average lately lost 208.84 points, or 1.27%, to 16,222.94. The S&P 500 fell 24.39 points, or 1.27%, to 1,896.88. The Nasdaq Composite was down 66.16 points, or 1.47%, to 4,437.42.

Oil fell below $33 per barrel on Wednesday after Saudi Arabia ruled out production cuts and an industry report said U.S. crude stockpiles hit a record, underlining the supply glut. Brent crude was down 88 cents at $32.39 a barrel at 1220 GMT (07:20 a.m. EST). U.S. crude fell $1.17 to $30.70.

Target Corp reported quarterly comparable sales above analysts’ estimates, helped by strong demand for its signature high-margin categories, which include products for children and health and wellness items. Sales at stores open at least 13 months rose 1.9 percent, above the 1.5 percent increase expected by analysts polled by research firm Consensus Metrix.

Lowe’s Cos. said profit dropped in its latest quarter following its decision to exit an Australian joint venture. The company reported a profit of $11 million, or a penny a share, down from $450 million, or 46 cents, a year earlier. Revenue rose 5.6% to $13.24 billion.

Home Depot Inc. said Tuesday it enjoyed a $100 million boost to fourth-quarter sales from warm temperatures that prompted consumers to purchase items for outdoor projects.The company said it had earnings of $1.17 per share. Sales grew to $20.98 billion.