U.S. stocks took a step back on Wednesday, as falling oil prices pressured energy stocks. Bobbi Rebell reports.
Energy stocks dragged Wall Street modestly lower. Falling oil prices pressured stocks, like Chevron, which Neiman Funds' Dan Neiman recently bought for his funds along with other energy stocks. (SOUNDBITE) DAN NEIMAN, PARTNER, NEIMAN FUNDS MANAGEMENT, (ENGLISH) SAYING: "While earnings may not be as robust as in the past, I still think they're making money, and there's a good chance to buy in at bottoms in some of those names." Homebuilders' shares fell even though new home sales rebounded modestly last month. Sales fell across all regions except the West. Falling metals prices knocked down shares of gold and silver miners, including Barrick Gold and Newmont Mining. Virgin America's shares took off after Bloomberg reported the airline is considering selling itself or a part of itself. Dragging on the Dow: Nike. Quarterly profit rose sharply. But revenue and its growth outlook fell shy of analysts' estimates. Pinnacle Foods' CEO Robert Gamgort is leaving for the corner office at Keurig Green Mountain. The processed food maker's shares dropped. And in Europe., weak commodities prices led stocks lower. But the FTSE 100 and DAX finished above the break even line.