US Stocks Finish First Day of Fourth Quarter with Losses

Posted on: October 3rd, 2016 by ABC News No Comments

iStock/Thinkstock(NEW YORK) — Wall Street finished the first day of the fourth-quarter in the red.

The Dow slid 54.30 (-0.30 percent) to finish at 18,253.85.

The Nasdaq lost 11.13 (-0.21 percent) to close at 5,300.87, while the S&P 500 finished at 2,161.20, down 7.07 (-0.33 percent) from its open.

Crude oil gained about 1 percent with prices hitting under $49 a barrel.

Manufacturing: U.S. manufacturing expanded in September, according to the Institute for Supply Management, after an unexpected slip in August. The manufacturing index rose to 51.5 compared to the previous month’s 49.4 reading. A reading above 50 signals expansion.

Brexit: The British pound fell to its lowest level since July, the month the U.K. voted to leave the European Union. A speech from British Prime Minister Theresa May over the weekend indicated the government would be making a hard exit from the EU.

Winners: In a sea of red, Tesla shares jumped nearly 5 percent after reporting its best quarterly vehicle sales ever. Guidance for the fourth quarter said Tesla sales would stay the same or be slightly better than the third quarter.

Cabela’s stock soared 15 percent after announcing it would be acquired by Bass Pro Shops in a $5.5 billion deal.

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