US Close 12 May 16: DOW off 200pts reversing yesterdays gain - oil at 6mth high.

Sharemarkets slumped on Wednesday, reversing the previous day's gains. Weak earnings results from Walt Disney, Macys and Fossil drove the weaker sentiment. The Dow Jones fell by 217 points or 1.2% with the S&P 500 index lower by 1.0% and the Nasdaq fell by 1.0%.

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