After The Bell: Stocks Tumble On Lower Oil
(CBS) -- Stocks closed sharply lower Wednesday as a sell-off in crude oil and weakness in manufacturing put traders in a selling mood. The S&P 500 lost 23, the NASDAQ shed 33 and the Dow Jones industrial average closed down nearly 159 points, settling to 17,729.
"Investors are digesting a situation where the Fed seems hell bent on raising rates in December, today's ADP jobs report gives them a little cover to do that, yet it seems they are going to be raising rates during a time when there's significant amounts of economic uncertainty," says Chuck Carlson, CEO of Horizon Investment Services. "We do feel the probability of the bigger move in the market is to the upside."
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