Closing Bell: Netflix Expands to 130 More Countries; U.S. Stocks Slump

U.S. stocks extended their losses in the final hour of trading on Wednesday to close near the lows of the day. Crude oil drove stocks lower after closing at its worst level since 2008. Federal Reserve members promised a gradual pace to future rate hikes in December, according to meeting minutes released Wednesday afternoon. Members also said future hikes would depend on signs inflation was rising toward a 2 percent target. Netflix (NFLX) rocketed higher after launching in 130 new countries, including the massive markets of India and Russia. The latest expansion initiative more than doubles the number of countries in which Netflix operates. Activist investor Starboard Value has threatened Yahoo! (YHOO) with a proxy fight and called for a management shakeup and the spin-off of a number of its core Internet businesses. TheStreet's Keris Lahiff reports from New York.