May 20, 2013
Global shares flat as financials offset growth concerns
World stock markets were flat today as strong financial results lifted banking shares, though weak data from Europe raised concerns about the global growth rate.
The Dow Jones industrial average was down 22.76 points, or 0.17 percent, at 13,512.13. The Standard & Poor's 500 Index was up 1.33 points, or 0.09 percent, at 1,473.67. The Nasdaq Composite Index was up 13.21 points, or 0.42 percent, at 3,123.99.
European shares ended flat today, bouncing off intraday lows as many investors used the dip to boost their exposure to equities, although mining shares fell along with metal prices on worries about China.
The FTSEurofirst 300 index of top European shares unofficially closed 0.02 percent lower at 1,159.95 points, after losing as much as 0.5 percent earlier in the session.Japan's Nikkei share average fell 2.6 percent today, its biggest one-day drop in eight months, as a rebound in the yen prompted investors to take profits on recent outperformers such as shares of exporters.
The Nikkei lost 278.64 points to 10,600.44, toppling from a 32-month high hit yesterday. It also dropped out of "overbought territory", with its 14-day relative strength index coming back under the 70-mark for the first time since December 21.
The broader Topix lost 2 percent to 888.11, prompting expectations that the BOJ would buy more exchange-traded funds (ETFs) to support the market, as it has customarily done in the past when the index falls below 1 percent in the morning session.