Wall Street Catatonic As Crude Prices Tumble -- U.S. Commentary

(RTTNews) - U.S. stocks wobbled in a lackluster session Wednesday, as downbeat housing data raised concerns about the economy.

The Dow Jones Industrial Average closed 117.24 points, or 0.7%, lower at 17,603.74, while the S&P 500 index lost 15.01 points, or 0.7%, at 2,063.35. Meanwhile the Nasdaq Composite index was down 42.09 points, or 0.8%, to end at 5,065.85.

The losses followed a strong performance on Tuesday, leading some traders to lock in profits ahead of the impending New Year's holiday.

Nymex February crude oil plunged $1.27, or 3.4%, to end at $36.60 a barrel.

Bridgestone has raised the white flag in its bidding war for Pep Boy (PBY). The company said that it will not present a counter offer to acquire the auto parts retailer, allowing Icahn Enterprises L.P. to complete its bid of $18.50 per share. Bridgestone had originally signed a merger deal with Pep Boys, which led to a bidding war with Icahn.

Apple (AAPL) agreed to pay 318 million euros to settle a dispute with Italian tax authorities, the Italian newspaper La Repubblica reported.

KaloBios Pharmaceuticals Inc. (KBIO) filed for Chapter 11 reorganization on Tuesday, according to a statement on the website of the U.S. Bankruptcy Court in Wilmington, Delaware. The news comes after the recent criminal indictment and arrest of Martin Shkreli, former CEO.

An indicator of future home sales unexpectedly declined in November, indicating the third decline in the last four months.

The National Association of Realtors' pending home sales index fell 0.9 percent in November. Economists had expected an increase for the month.