Closing Bell: GE to Move to Boston; Stocks Slump in Selloff

The longer crude oil traded near $30 a barrel, the harsher stocks were punished on Wednesday. The S&P 500 and Dow Jones Industrial Average were in correction market territory, down 11% and 12% from their 52-week high. Consumer-discretionary stocks saw their biggest percentage decline since August, led by losses in Amazon (AMZN) and Netflix (NFLX). GE (GE) confirmed plans to move its global headquarters to Boston from Fairfield, Connecticut after lawmakers passed a budget to increase corporate taxes last summer. The U.S. economy continued to grow at a modest pace, according to the Fed's latest 'Beige Book.' Growth was seen in consumer and housing sectors, while manufacturing, agricultural and energy sectors continued to lag.