NST Online Business Times : latest
NST Online Business Times : latest |
| US stocks fall on global growth concerns Posted: 29 May 2013 04:32 PM PDT NEW YORK: US stocks Wednesday closed lower amid concerns about global economic growth and the US Federal Reserve's plans for unwinding its aggressive stimulus program. The Dow Jones Industrial Average fell 106.59 (0.69 per cent) to 15,302.80. The broad-based S&P 500 gave up 11.70 (0.70 per cent) at 1,648.36, while the tech-rich Nasdaq Composite Index dropped 21.37 (0.61 per cent) to 3,467.52. The losses came after the Organization for Economic Cooperation and Development trimmed its world economic growth forecast for 2013 to 3.1 per cent from 3.4 per cent.
Smithfield Foods surged 28.4 per cent after announcing an agreement to be acquired by China's Shuanghui International in a deal valuing the US pork and meat icon at US$7.1 billion. If approved by US regulators, the deal would be one of the largest ever purchases of a US company by a Chinese entity. In other merger and acquisition news, telecommunications firm Sprint Nextel and SoftBank received the green light for the Japanese telecom company's proposed US$20 billion takeover. Sprint shares added 0.1 per cent. Dish Network, which launched a competing bid for Sprint, fell 2.2 per cent. Funeral home operator Stewart Enterprises rose 33.2 per cent after competitor Service Corp. International announced a US$1.4 billion deal to acquire it. Among the Dow members topping the loss column were pharmaceutical companies Pfizer (down 2.5 per cent) and Johnson & Johnson (down 2.2 per cent), as well as Coca-Cola (down 2.7 per cent) and McDonald's (down 2.2 per cent). -- AFP |
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