Intel Jumps on Apple Contract Hopes as Stocks Extend Losses

U.S. markets struggled to recoup Tuesday's massive losses.
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U.S. markets struggled to recoup Tuesday's massive losses. Investors are still weighed by a Fed rate hike coming on the earlier side. Crude oil slipped further, losing $0.12 to settle at $48.17 a barrel. Transportation stocks benefited lower fuel prices. Kansas City Southern (KSU) and FedEx (FDX) both gained better than 1%. Avon (AVP) managed gain 0.47% despite dropping sharply in the session on the strong dollar. The majority of the company's sales comes from overseas. Intel (INTC) was by far the best performing blue chip. The tech bellwether added 2% on news it will win a contract to supply Apple's (AAPL) iPhones with wireless chips. Shares of Apple, however closed down 1.82%.