NST Online Business Times : latest
NST Online Business Times : latest |
| US stocks end lower ahead of Fed meet Posted: 14 Jun 2013 05:09 PM PDT NEW YORK: US stocks gave up an early rally and ended lower Friday amid some slightly downbeat economic data and caution ahead of next week's Federal Reserve policy board meeting. The Dow Jones Industrial Average closed down 105.90 points (0.70 per cent) at 15,070.18. The broad-based S&P 500 lost 9.63 (0.59 per cent) at 1,626.73, while the tech-rich Nasdaq Composite fell 21.81 (0.63 per cent) to 3,423.56. A flat reading on US industrial production last month, a decline in the University of Michigan consumer sentiment index, and a modest gain in May producer prices clouded trade.
In addition, the International Monetary Fund pared its 12014 forecast for US growth, blaming the government's sharp "sequester" spending cuts. "The deficit reduction in 2013 has been excessively rapid and ill-designed," it said. "A slower pace of deficit reduction would help the recovery at a time when monetary policy has limited room to support it further." Shares in Myriad Genetics sank 13.8 per cent after several companies announced competing products to its BRCA1 and BRCA2 genetic cancer tests in the wake of the Supreme Court's ruling that the company cannot patent the two genes. Groupon shares jumped 11.5 per cent to $7.65 after Deutsche Bank gave the online coupon dispenser an upgrade and a $10 target. Banks were hit in the fall: American Express lost 3.0 per cent, Citigroup 2.1 per cent and JPMorgan Chase 1.9 per cent. In the tech sector, Facebook shares were off 0.4 per cent and Microsoft fell 0.9 per cent. -- AFP |
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