NST Online Business Times : latest
NST Online Business Times : latest |
| Dow ends 10-day winning streak Posted: 15 Mar 2013 04:38 PM PDT NEW YORK: US stocks fell on Friday, bringing the Dow's 10-day winning streak to a halt as a decline in a key consumer sentiment index highlighted continuing weaknesses in the economy. Trade was heavy in banks after the Fed completed its stress tests and capital plan reviews while a Senate committee report blasted JPMorgan Chase for how it handled its massive "London Whale" losses last year. The Dow Jones Industrial Average finished down 25.03 points (0.17 per cent) to 14,514.11, the first time in nine days it did not set a fresh record. The broad-based S&P 500 lost 2.53 points (0.16 per cent) at 1,560.70, after having pushed higher on Thursday to a tantalizing three points short of its all-time high.
Share opened lower and lost further ground after the University of Michigan Consumer index took a surprising dive to 71.8, its lowest level since the end of 2011 and down from 77.6 in February. Analysts had expected a gain. JPMorgan shares sank 1.9 per cent after a US Senate report painted a damning picture of its handling of the massive "London Whale" derivatives losses last year. In addition on Thursday, the Federal Reserve raised questions about its capital plans, ordering adjustments to "address weaknesses" if it wants to proceed with dividend payouts and share buybacks as hoped. Goldman Sachs shares added 0.5 per cent despite its capital plan getting the same treatment as JPMorgan's from the Fed. Bank of America, whose capital plan was fully approved by the Fed after having been stalled last year, gained 3.8 per cent and Wells Fargo added 3.3 per cent. But Citigroup lost 0.4 per cent despite it also getting the nod for a share buyback. Boeing shares added 2.1 per cent after company officials said they believed the grounded 787 Dreamliner was "absolutely" safe and would be back flying within weeks after getting a tentative approval of its fix for battery problems that sparked a fire on one aircraft. On the Nasdaq, Apple was up 2.6 per cent after rival Samsung's new smartphone Galaxy S4 failed to generate a surge of excitement. -- AFP |
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