May 24, 2013
Wall Street marks best third quarter since 2010, as European shares fade
Wall Street closed its best third quarter since 2010 after a wave of central bank actions sparked a dramatic reversal in equity markets, but signs of weakness in the economy drove stocks lower on Friday.
The Dow Jones industrial average fell 48.84 points, or 0.36 percent, to close at 13,437.13. The Standard & Poor's 500 Index lost 6.48 points, or 0.45 percent, to finish at 1,440.67. The Nasdaq Composite Index dropped 20.37 points, or 0.65 percent, to close at 3,116.23.
European shares ended the quarter with a whimper as fund managers banked gains on stocks that drove a strong rally over the last three-months and switched their focus to concerns over corporate earnings and the macro economy.
The FTSEurofirst 300 provisionally closed down 14.04 points, or 1.3 percent, at 1,089.22, though with volumes light. The index has traded in a tight 40-point range since early September.
The Euro STOXX 50, which has enjoyed its best quarter in three years, shed 2.1 percent on the last session of the three month period.
In Asia, Nikkei average hit a two-week closing low today as concerns about falling revenues for Japanese companies in China outweighed optimism over Spain's new economic reform plans and a tough budget focused on spending cuts.
The Nikkei ended down 0.9 percent at 8,870.16. The broader Topix index dropped 1.1 percent to 737.42.