Stocks Staggered By Trump Comeback, Rate Hike Chatter -- US Commentary

(RTTNews) - U.S. stocks tumbled again Wednesday as the latest polls confirmed the presidential race has tightened days before the election.

Establishment candidate Hillary Clinton is clinging to leads in some significant swing states, but upstart Donald Trump has renewed hope thanks to her email scandal.

Meanwhile, the Federal Reserve signaled an interest rate hike is imminent, putting a further damper on today's proceedings.

"The committee judges that the case for an increase in the federal funds rate has continued to strengthen but decided, for the time being, to wait for some further evidence of further progress toward its objectives," the Fed said in its policy statement.

Plunging crude oil prices contributed to the gloom on Wall Street.

In a report that probably caused a few spit-takes, the Energy Information Administration said U.S. crude oil stockpiles ballooned by 14.4 million barrels last week.

It was the largest one-week build on record.

Dec. WTI oil dropped $1.33, or 2.9%, to settle at $45.34/bbl, for the lowest settlement since September 27.

The major stock indices spent virtually all day in the red, extending the recent losing skid.

The S&P 500 index fell 13.73 points, or 0.7%, to 2,097, for its longest losing streak in five years. The Nasdaq fell 48.01 points, or 0.9%, to 5,105.57. The Dow Jones Industrial Average slipped 77.32 points, or 0.4%, to 17,959.78.