NEW YORK (AP) - U.S. stocks took small losses Wednesday as energy companies fell with the price of oil and chemical and materials companies traded lower. That pulled the market lower for August, ending a five-month winning streak for stocks. The losses were very small, though, as this proved to be one of the quietest months in recent history for stocks.
Stocks traded lower all day and fell for the fifth time in the last six days. The price of oil dropped more than 3 percent after the U.S. government said crude oil stockpiles grew more than expected last week, while gasoline stockpiles didn't shrink as much as investors hoped.
The Dow Jones industrial average fell 53.42 points, or 0.3 percent, to 18,400.88. The Standard & Poor's 500 index gave up 5.17 points, or 0.2 percent, to 2,170.95. The Nasdaq composite dipped 9.77 points, or 0.2 percent, to 5,213.22.
Energy prices slumped after the U.S. government said crude oil stockpiles increased by 2.3 million barrels last week, a bigger gain than analysts expected. Gasoline stockpiles shrank, but not as much as investors had hoped.
U.S. crude fell $1.65, or 3.6 percent, to $44.70 a barrel in New York. Brent crude, the benchmark for international oil prices, lost $1.33, or 2.7 percent, to $47.04.
That helped send oil and gas companies lower. Chevron gave up $1.12, or 1.1 percent, to $100.58 and Exxon Mobil skidded 38 cents to $87.14. Schlumberger declined $1.64, or 2 percent, to $79.