May 17, 2017: The S&P 500 closed lower on the day, down 1.8% at 2,357.25. Separately the DJIA closed down 1.8% as well at 20,608.33. The Nasdaq also closed down 2.6% at 6,011.24.
Wednesday was the worst trading day that the markets have had all year with all major indices down well over 1%. Practically everything was negative in the S&P 500, although there were a couple of exceptions. In terms of industries, only the following were positive on Wednesday: Beverages, Utilities, and REITs. The most negative stocks on Wednesday were large-cap financials and investment houses. With maybe one or two exceptions the entire tech sector posted red arrows.
Crude oil was actually higher on the day up 0.7% at $48.98.
At the same time, gold was also higher, up about 1.9% closing at $1,259.90.
The S&P 500 stock posting the largest daily percentage loss ahead of the close Wednesday was Citizens Financial Group, Inc. (NYSE: CFG) which traded down 6.8% at $34.57. The stock’s 52-week range is $18.34 to $39.75. Volume was 9.6 million versus the daily average of 5.0 million shares.
The stock posting the largest daily percentage gain in the S&P 500 ahead of the close Wednesday was Colgate-Palmolive Co. (NYSE: CL) which jumped about 6% to $75.81. The stock’s 52-week range is $63.43 to $76.35. Volume was 17.3 million compared with the daily average 3.9 million shares.