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DJIA, Sept. 12, 2014: The Dow Jones Industrial Average closed down 61 points Friday, dipping beneath the 17,000 mark, while the S&P Volatility Index (VIX) soared more than 10% intraday. Economic concerns tied to the new round of sanctions against Russian oil and gas companies weighed heavily on oil stocks this afternoon.
The energy sector continues to see new pressures, as multinational energy companies saw share prices decline on the day. Most notable were Exxon Mobil Corp. (NYSE: XOM), which slipped more than 1.25%, and Chevron Corp. (NYSE: CVX), which dipped nearly 1%. Brazilian energy giant Petroleo Brasileiro Petrobras SA (NYSE ADR: PBR) was the largest sector loser today, with shares falling another 7%.
Here's the scorecard from today's trading session:
Dow: 16,987.51, -61.49 (-0.36%)
Nasdaq: 4,567.60, -24.21 (-0.53%)
S&P 500: 1,985.54, -11.91 (-0.60%)
Now, here are the top stories from the stock market today:
- The Trade War Builds: Expanded sanctions in Russia will include targeted actions against the nation's largest bank, Sberbank Rossii OAO (OTCMKTS ADR: SBRCY), multiple energy firms, and five Russian state-owned defense and technology firms. In retaliation, Russia is planning to ban a number of Western goods, including automobiles, clothing, and textiles.
- The IPO of the Year: Shares of Yahoo! Inc. (Nasdaq: YHOO) were up another 3.9% today on heavy volumes as investors grow more excited about the potential of Alibaba Holding Group Ltd. (NYSE: BABA) when the stock goes public on Sept. 19. The tech giant currently owns a 22.4% stake in the Chinese e-commerce giant. The Alibaba IPO could potentially raise more than $20 billion and might become the largest initial public offering in market history.
- No More Wallets: Shares of Apple Inc. (Nasdaq: AAPL) were up nearly 1% earlier in the trading session, but abated in the afternoon. This morning, traders were excited about a deal Apple had signed to boost its Apple Pay service. The company signed an agreement with China's UnionPay to link customer credit cards in the booming Asian markets. Apple Pay is a new service announced this week that will allow iPhone 6 users to pay for goods and services with their phone.