Chems plunge as US Dow Jones falls 3.10%

Source: ICIS News

2018/12/04

HOUSTON (ICIS)--Stocks of US-listed chemical companies fell sharply on Tuesday as the Dow Jones Industrial Average declined by 3.10%.

The index closed at 25,027.07, down 799.36 points. The S&P 500 closed at 2,700.06, down 90.31 points or 3.24%.

The Dow Jones US Chemicals Index closed at 598.31, down 21.43 points or 3.46%.

The decline broke what had been positive developments in the market.

On Wednesday, the index rose by 2.50% after comments from the chairman of the Federal Reserve, Jerome Powell, who said that interest rates are nearly at the point where they are neither stimulating or slowing the economy.

The index rose by 1.13% on Monday, following news that the US and China would abstain from imposing tariffs on each other's imports.

For the past year, the US stock market has been troubled by worries about trade disputes and rising interest rates. The trade truce and Powell's comments would seem to allay such concerns.

However, the financial media warned about yield curve inversions, which can presage future recessions.

Doubts arouse about the truce between the US and China and whether the two countries can address each other's grievances.

These warnings come on top of declining automobile and new-home sales as well as signs of slower growth around the world.

On Tuesday, every US-listed stock followed by ICIS fell, with some falling by at least 5%.

Although Tuesday was a rough day for stocks, it was by no means the worst for 2018.

The Dow Jones Industrial Average fell by 3.15% on 10 October and by 4.15% on 8 February.

On 5 February, the index fell by more than 6% during the day before closing at 24,345.75, down 1,175.21 points.

The following table lists Tuesday's performance of the stocks followed by ICIS.

Name $ Current

Price

$ Change % Change Phillips 66 91.45 -0.64 -0.70 Ultrapar Participacoes SA ADR 12.13 -0.16 -1.26 Ecolab Inc 157.06 -2.46 -1.54 Westlake Chemical Partners LP 22.50 -0.36 -1.57 Sociedad Quimica Y Minera De Chile SA ADR 45.30 -0.81 -1.76 Marathon Petroleum Corp 63.44 -1.22 -1.89 RPM International Inc 64.12 -1.27 -1.94 Cosan Ltd 8.69 -0.18 -2.03 Ashland Global Holdings Inc 81.05 -1.74 -2.10 Nutrien Ltd 51.16 -1.12 -2.14 Linde PLC 160.82 -3.53 -2.15 Exxon Mobil Corp 79.45 -1.77 -2.18 Calumet Specialty Products Partners LP 3.09 -0.07 -2.22 Valero Energy Corp 79.47 -1.83 -2.25 Bunge Ltd 57.98 -1.35 -2.28 Occidental Petroleum Corp 69.63 -1.69 -2.37 Petroleo Brasileiro SA Petrobras ADR 14.68 -0.36 -2.39 Valvoline Inc 20.59 -0.55 -2.60 Enterprise Products Partners LP 26.30 -0.72 -2.66 Sherwin-Williams Co 406.75 -11.59 -2.77 DCP Midstream LP 34.44 -1.00 -2.82 FMC Corp 83.23 -2.43 -2.84 Braskem SA ADR repr Class A 27.23 -0.80 -2.85 CF Industries Holdings Inc 42.60 -1.26 -2.87 Alerian MLP ETF 9.56 -0.29 -2.94 NewMarket Corp 409.01 -12.49 -2.96 Methanex Corp 55.35 -1.87 -3.27 PPG Industries Inc 106.77 -3.79 -3.43 W R Grace & Co 62.23 -2.22 -3.44 Ecopetrol SA ADR 19.73 -0.73 -3.57 PBF Energy Inc Class A 35.09 -1.30 -3.57 Eastman Chemical Co 77.73 -3.22 -3.98 Cabot Corp 48.13 -2.00 -3.99 LyondellBasell Industries NV 90.56 -3.76 -3.99 The Mosaic Co 35.36 -1.51 -4.08 DowDuPont Inc 56.58 -2.58 -4.36 Axalta Coating Systems Ltd 24.54 -1.17 -4.53 Westlake Chemical Corp 70.41 -3.41 -4.62 Platform Specialty Products Corp 11.41 -0.58 -4.84 Huntsman Corp 19.57 -1.01 -4.91 Stepan Co 76.91 -4.21 -5.19 Venator Materials PLC 5.01 -0.28 -5.21 Trinseo SA 49.26 -2.78 -5.34 Albemarle Corp 93.13 -5.33 -5.41 Celanese Corp 96.07 -5.58 -5.49 Ingevity Corp 95.02 -5.58 -5.55 The Chemours Co 27.20 -1.65 -5.72 PQ Group Holdings Inc 14.69 -0.90 -5.77 PolyOne Corp 32.19 -2.02 -5.90 Olin Corp 20.47 -1.32 -6.06 Kronos Worldwide Inc 11.95 -0.85 -6.64 H.B. Fuller Co 44.65 -3.35 -6.98 Kraton Corp 24.39 -2.18 -8.20 Tronox Ltd 10.02 -0.90 -8.24 AdvanSix Inc 26.58 -2.44 -8.41

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