NST Online Business Times : latest
NST Online Business Times : latest |
| US stocks in the red on poor data Posted: 28 Sep 2012 05:00 PM PDT NEW YORK: US stocks were stuck in the red on Friday, the last trading day of the third quarter, after disappointing business activity and consumer spending reports fuelled concerns about the economy. The major indices closed off the worst levels of the day after results of Spain's bank stress tests were basically in line with expectations, analysts said. The Dow Jones Industrial Average fell 48.84 points (0.36 percent), finishing at 13,437.13. The S&P 500-stock index lost 6.48 points (0.45 percent) at 1,440.67 and the tech-rich Nasdaq Composite shed 20.37 points (0.65 percent) at 3,116.23. Its purchasing managers index for the Midwest region fell to 49.7, below the break-even 50 reading between growth and contraction. Consumer spending rose by 0.5 percent in August from July, but the increase was due to higher gasoline prices, the Commerce Department said. Inflation-adjusted spending rose just 0.1 percent. Dow member Bank of America skidded 1.6 percent after announcing it would pay $2.43 billion to settle a class-action lawsuit over its acquisition of Merrill Lynch at the height of the 2008 financial crisis. Company earnings were in focus. Research In Motion, the Canadian BlackBerry maker, jumped 5.0 percent to US$7.50, well off a high of US$8.20, after reporting a narrower quarterly loss. Walgreen, the nation's largest drug store chain, slipped 0.4 percent after posting fiscal fourth-quarter results that topped expectations Athletic apparel maker Nike dropped 1.1 percent on lower quarterly earnings and a glum outlook on China sales. Accenture added 7.1 percent. The global technology services giant reported fiscal 2012 earnings and record sales, and raised its full-year outlook for 2013. Apple apologised for its glitch-ridden maps application in its new operating system used by the iPhone 5. Shares tumbled 2.1 percent. On Thursday, the markets rallied amid speculation of fresh stimulus from China and after Spain unveiled a 2013 austerity budget that included reforms agreed with the European Union. -- AFP |
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