Stocks Ended Lower as Energy Sector Dragged

U.S. stocks ended lower on Wednesday, with the S&P 500 index and the Dow Jones Industrial Average poised to close out August in negative territory amid weakness in energy shares. The Dow Jones Industrial Average dropped 53.42 points, or 0.29%, to 18,400.88. The S&P 500 fell 5.17 points, or 0.24%, to 2,170.95. The Nasdaq Composite shed 9.77 points, or 0.19%, to 5,213.22. Only the tech-heavy index remains in the positive for the month, up 0.9% in August.
Oil futures fell to their lowest settlement in nearly three weeks on Wednesday after weekly data showed that U.S. supplies of crude oil rose more than expected for the week ended Aug. 26. Prices, however, managed to hold onto a 7.5% gain for the month. October WTI crude dropped $1.65, or 3.6%, to settle at $44.70 a barrel. October Brent crude fell $1.33, or 2.8%, at $47.04 a barrel.

The Justice Department on Wednesday filed a lawsuit challenging Deere & Co.’s planned acquisition of a line of high-tech farming equipment from Monsanto Co.

The Republic of Ireland’s Cabinet meeting to discuss the European Commission’s decision that Ireland granted undue tax benefits of up to €13bn (£11bn) to Apple has been adjourned.

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