NST Online Business Times : latest

Posted: 10 Sep 2012 04:45 PM PDT

NEW YORK: US stocks fell Monday as investors digested an unexpected decline in consumer credit, another weak signal on consumer spending, and Apple plummeted ahead of its expected iPhone 5 launch.

The Dow Jones Industrial Average finished down 52.35 points (0.39 percent) at 13,254.29.

The S&P 500-stock index dropped 8.84 (0.61 percent) to 1,429.08, while the tech-heavy Nasdaq shed 32.40 (1.03 percent) at 3,104.02.

Apple was a big drag on the Nasdaq and the S&P 500, tumbling 2.6 percent ahead of Wednesday's expected announcement of the next generation of its popular iPhone, dubbed the iPhone 5.

"US equities finished lower in lackluster action, losing steam toward the close, as traders appear to (again) be waiting for major events to unfold in the latter part of the week," said Charles Schwab & Co. analysts.

The Federal Reserve opens a two-day policy meeting Wednesday amid speculation the central bank will unveil support for the flagging economy.

The indices accelerated their losses in the final hour of trade after the Fed reported consumer credit fell in July after 10 months of gains, raising concerns about consumer confidence amid high unemployment.

The blue-chip Dow was dragged down by Intel, off 3.8 percent, after it slashed its third-quarter revenue outlook.

Other major Dow decliners were Boeing, down 2.5 percent; 3M, 2.3 percent; and Caterpillar, 1.1 percent.

Computer giant Hewlett-Packard rose 0.8 percent after announcing that job cuts under a major restructuring program will total some 29,000, or 2,000 more than previously estimated.

AIG fell 2.0 percent after the Treasury Department launched a public offering to sell $18 billion of the giant insurer's stock.

US-traded BP shares edged up 0.1 percent. The British oil giant plans to sell US$5.55 billion in oil assets in the Gulf of Mexico to Texas rival Plains Exploration, down 10.5 percent.

Navistar International slid 3.1 percent after activist investor Carl Icahn pressed the company for more representation on the board. -- AFP

Kredit: www.nst.com.my

Isnin, 10 September 2012

NST Online Business Times : latest

NST Online Business Times : latest

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